You can find our audit reports linked below: **Ondo Global Markets** * [June 2025 Spearbit Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/report-cantinacode-ondo-0224-2.pdf) * [July 2025 Cyfrin Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/2025-07-14-cyfrin-ondo-global-markets-v2.0.pdf) * [September 2025 FYEO Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-Solana-FEYO-09-08-2025.pdf) * [October 2025 Cantina Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-USDonConverter-BridgeRegistrar-Cantina-10-06-2025.pdf) * [November 2025 FYEO Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-Solana-FYEO-11-05-2025.pdf) * [November 2025 Cantina Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-SyntheticShares-Cantina-11-18-2025.pdf) * [December 2025 Cantina Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-LimitOrder-Protocol-Cantina-12-02-2025.pdf) * [December 2025 Cantina Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/report-cantinacode-ondo-1121.pdf) * [December 2025 Zellic Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-Solana-Zellic-12-29-2025.pdf) * [February 2026 Cantina Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/GM-LimitOrder-Protocol-Cantina-01-30-2026.pdf) **Ondo Funds and USDY (Ethereum)** * [March 2025 Spearbit Audit](https://cantina.xyz/portfolio/fb329103-8bd1-45ac-91d8-4f75e1abf812) * [February 2025 Halborn Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Halborn-Audit-Feb-2025.pdf) * [April 2024 Code4rena Audit](https://code4rena.com/reports/2024-03-ondo-finance) * [April 2024 Cyfrin Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Cyfrin-Audit-April-2024.pdf) * [September 2023 Code4rena Audit](https://code4rena.com/reports/2023-09-ondo/) * [August 2023 Zokyo Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Zokyo-Audit-August-2023.pdf) * [April 2023 NetherMind Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-NetherMind-Audit-April-2023.pdf) * [January 2023 Code4rena Audit](https://code4rena.com/reports/2023-01-ondo/) **Ondo Funds and USDY (Noble)** * [June 2024 Halborn Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Halborn-Audit-June-2024.pdf) * [July 2024 Halborn Audit (additional module)](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Halborn-Additional-Aura-Module-Audit-June-2024.pdf) **Deprecated Ondo Products** * [May 2022 ABDK Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-ABDK-Audit-October-2022.pdf) * [January 2022 Quantstamp Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Quantstamp-Audit-January_2022.pdf) * [September 2021 Quantstamp Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Quantstamp-Audit-September_2021.pdf) * [May 2021 Peckshield Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Peckshield-Audit-May_2021.pdf) * [April 2021 Certik Audit](https://docs-v2-git-prod-ondo-docs.vercel.app/pdf/Ondo-Certik-Audit-April_2021.pdf) # Integration Guidelines for Protocols Supporting USDY on Mantle Source: https://docs.ondo.finance/developer-guides/mantle-integration-guidelines ## **USDY & mUSD** ### USDY **USDY (US Dollar Yield Token)**: USDY is a tokenized note secured by short-term US Treasuries and bank demand deposits. USDY holders receive yield generated from the underlying assets in the form of increasing redemption value (accumulating token). USDY contract is an upgradeable (Transparent Upgradeable Proxy) ERC-20 token. To hold, send, and receive USDY, users should not be on the [blocklist](https://github.com/code-423n4/2023-09-ondo/blob/main/contracts/usdy/blocklist/Blocklist.sol). ### mUSD **mUSD** is the rebasing version of USDY, maintaining a consistent peg to \$1. Interest is distributed via new token units. Users can swap freely between USDY and mUSD. A swapper UI will be available in October on [ondo.finance](https://ondo.finance/). mUSD is heavily based on other rebasing tokens such as `stETH`. Users can acquire mUSD tokens by calling the `wrap(uint256)` function on the contract. While the price of a single USDY token increases over time, the price of a single mUSD token is fixed at a price of 1 Dollar, with yield being accrued in the form of additional mUSD tokens. Similarly when a user wishes to convert their `mUSD` to `USDY` they can call the `unwrap(uint256)` function, and receive their corresponding amount of `USDY`. In order to determine the USD value of the USDY locked in the contract, mUSD will call into `RWADynamicRateOracle.sol` in order to fetch the current price. Because `mUSD` is the rebasing variant of `USDY` the same transfer restrictions for `USDY` are also applied to the `mUSD` token in the `beforeTransfer(address,address,uint256)` hook. `mUSD` rebases daily at 12:00am GMT. ## USDY Oracle (**RWADynamicRateOracle)** The RWADynamicRateOracle contract is used to post price evolution for USDY on chain. This contract accepts a [`Range`](https://github.com/code-423n4/2023-09-ondo/blob/main/contracts/rwaOracles/RWADynamicOracle.sol#L295) as input from a trusted admin, and will apply the following conversion to the `lastSetPrice` for a given range: ``` currentPrice = (Range.dailyInterestRate ** (Days Elapsed + 1)) * Range.lastSetPrice ``` There is a functionality within the contract that if a range has elapsed and there is no subsequent range set, the oracle will return the maximum price of the previous range for all `block.timestamp` > `Range.end` ## Integrating USDY into Your Web3 Application As users may hold USDY or mUSD, a good practice is to support both. Let's assume a user holds mUSD and wants to supply to your USDY pool. ### Option 1: Native integration The user can directly use his mUSD to interact with your contracts. This means that your contracts will add an extra call to swap from mUSD to USDY before depositing the USDY in the pool. Example of a native integration: [Compound pool on curve.fi](https://curve.fi/#/ethereum/pools/compound/deposit)
## What is USDY?
USDY (**US** **D**ollar **Y**ield Token) is a tokenized note formerly issued by Ondo USDY LLC, which as of December 15, 2025 has been folded into the Ondo Global Markets umbrella. Depending on the issuance date, USDY may be secured by either short-term US Treasuries, shares of iShares Short Treasury Bond ETF, or bank demand deposits. USDY is accessible to qualifying non-US individual and institutional investors and is designed to combine the accessibility of a stablecoin with high-quality, US dollar-denominated yield.
USDY comes in two versions: an "accumulating" version (USDY) whose per-token price increases as yield accrues, and a "rebasing" version (rUSDY) whose price remains at US\$1.00. Whereas the price of USDY tokens increases as the value of the underlying assets increase, with rUSDY you simply receive more rUSDY in your wallet; in effect the yield on the underlying assets accrues in the form of additional rUSDY tokens. For example, if you acquired 100 rUSDY tokens when the price per token of USDY was \$1.00 – and then the price per token of USDY increased to US\$1.01, the price per token of rUSDY would remain at \$1.00, but your wallet would now hold 101 rUSDY tokens. This 'rebasing' happens automatically when the USDY price is updated each business day.
You can easily and instantly convert back and forth between USDY and rUSDY on our [website](/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy) at any time.
| | USDY | rUSDY |
| ------------------------------------------ | -------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------- |
| Token Type | Accumulating | Rebasing (distributing) |
| Yield Accrual Profile | Reflected through an increasing redemption price (Reference Token Price) | Reflected as a subdivision of rUSDY tokens into additional rUSDY tokens daily |
| As Treasury Yield Accrues, the Token Price | Increases | Remains at \$1.00 |
| Best Suited for | Buy-and-hold cash management (some custodians only support accumulating tokens), collateral in smart contracts | Yield-bearing means of settlement or exchange |
## How does it work?
### Investing
Once your onboarding is completed, you can mint USDY with USDC at any time. (For deposits of \$100K plus, USD bank wires are also possible. Contact us at [support@ondo.finance](mailto:support@ondo.finance) for more information.) You will start earning interest as soon as your transaction is processed. For all current purchases of USDY through the web app, please see the [terms for Ondo Global Markets](https://app.ondo.finance/assets/usdy?tab=buy\&fromToken=usdc\&toToken=usdy).
### Redeeming
Note that to comply with applicable US laws and regulations, Ondo USDY LLC can only redeem USD via bank wire to non-US bank accounts. If you wish to redeem via this method you will be required to provide us with such bank details before we can process a redemption request. To redeem for USDC through Ondo Global Markets (BVI) Limited, please go [here](https://app.ondo.finance/assets/usdy?tab=buy\&fromToken=usdc\&toToken=usdy).
For more information on Ondo Global Markets (BVI) Limited see the [Ondo Global Markets section](/ondo-global-markets/overview) of these docs.
### Minting and Redeeming on Other Networks
To mint and redeem USDY on Sui, Aptos, Stellar, XRP, or Noble, please contact [support@ondo.finance](mailto:support@ondo.finance). Please note that that there is a \$5,000 minimum for monting and redeeming on these networks.
## Understanding rUSDY
**rUSDY = A Type of 'Wrapped' USDY**
It's important to understand that each rUSDY still corresponds to some amount of "regular" USDY that is locked in a wrapper contract. This wrapper contract locks the USDY in the contract, mints the corresponding amount of rUSDY, and sends that rUSDY to your wallet. For example, if you had 1,000 USDY tokens worth \$10 each — so, a total of \$10,000 of value — the 1,000 USDY would be locked in the wrapper contract, which would then mint 10,000 rUSDY tokens and then send those to your wallet. Conversely, if you wanted to [convert](/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy) your rUSDY tokens back to USDY tokens, your rUSDY tokens would be sent to the wrapper contract. This wrapper would then burn the rUSDY tokens, "unlock" the corresponding number of USDY tokens, and send those USDY tokens to your wallet.
This means that the *total* supply of USDY is comprised of two 'types' of USDY:
* **Wrapped USDY** - i.e. USDY that is locked in the rUSDY wrapper contract and corresponds to the 'reserve' for the corresponding issued rUSDY.
* **Non-Wrapped USDY** — i.e. USDY that *isn't* locked in the rUSDY wrapper contract.
There are three important implications of this:
* The "dollar value" that is represented by all rUSDY tokens is exactly equal to the amount of "dollar value" represented by all applicable wrapped USDY tokens. In other words, `TVL_rUSDY = TVL_Wrapped_USDY` → `TVL_rUSDY = Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY` (Token Reference Price is the 'face value' of the token).
* Because of this, if you were to add up the total amount of USDY and the amount of rUSDY, you would be *double counting the value of the wrapped USDY*, because some of that value is already represented by the rUSDY.
* Therefore, to properly calculate the TVL of USDY, the appropriate calculation is as follows:
`Total USDY TVL (e.g. both versions) = Num_rUSDY_Tokens * \$1.00 + Num_Non-Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY`
OR
`Total USDY TVL (e.g. both versions) = (Num_Wrapped_USDY_Tokens + Num_Non-Wrapped_USDY_Tokens_ * TokenReferencePrice_per_USDY`
i.e. the two calculations should result in the same number (adjusting for rounding).
**rUSDY Price Stability via Rebasing**
Rebasing is a mechanism through which the total supply of tokens is adjusted. The basic intuition is that, if we're trying to keep the price per token at \$1.00, as the value of rUSDY's underlying assets increase in value, we need to increase the number of tokens such that the "value of assets" divided by the number of tokens remains constant.
For tokens like USDY and rUSDY, the redemption value of the rUSDY token can be calculated by dividing the TVL of the rUSDY share class by the number of rUSDY tokens
`TokenReferencePrice_per_rUSDY = TVL_rUSDY / Num_rUSDY_Tokens`
From above, recall that `TVL_rUSDY = Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY`, so we have
`TokenReferencePrice_per_rUSDY = (Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY) / Num_rUSDY_Tokens`
Therefore, as `TokenReferencePrice_per_USDY` increases each day based on the Token yield rate for that month, `TokenReferencePrice_per_rUSDY` would *also* increase…unless we also increased `Num_rUSDY_Tokens`. Since we want to keep `TokenReferencePrice_per_rUSDY` at \$1.00, this means that we must increase `Num_rUSDY_Tokens` to keep the price at \$1.00.
For more technical details on how rebasing works, you can read more [here](/general-access-products/usdy/rebasing).
For more detailed information about USDY, please refer to the rest of these support docs or reach out to us at [support@ondo.finance](mailto:support@ondo.finance)
# Comparison to Stablecoins
Source: https://docs.ondo.finance/general-access-products/usdy/comparison-stablecoins
USDY is not classified as a traditional stablecoin; instead, it is a tokenized secured note. Like stablecoins, USDY operates as a bearer asset that can be transferred to investors without their needing to be onboarded with the issuer, although onboarding is necessary for minting or redeeming. However, unlike with stablecoins, USDY holders earn almost all of the yield from the assets that back USDY.
Below is a table that compares stablecoins and USDY:
| | Stablecoins | USDY |
| ------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Bankruptcy-remoteness | Stablecoins are generally issued out of operating companies. If a stablecoin issuer went bankrupt, including for reasons unrelated to operating their respective stablecoins, holders may be unable to redeem | USDY is issued by Ondo Global Markets (BVI) Limited, a company that is designed to be bankruptcy-remote from any other entities, including Ondo operating companies |
| Yield | Stablecoin holders receive no direct interest | USDY holders receive yield generated from the underlying assets (less amounts to satisfy fees, obligations, and expenses) in the form of increasing redemption value |
| Secured by high-quality assets | Stablecoins are generally unsecured liabilities of their issuers with no security interest in the assets that back them and are at risk of being subordinated to the claims of other creditors | USDY holders have a security interest in the assets that back it |
| Regulatory status | Stablecoins exist in a regulatory gray area and are not structured in a way to be able to pay holders a yield | USDY is issued in compliance with US federal and state securities and financial crime compliance laws |
| Third-party oversight | Stablecoin issuers can, in many cases, unilaterally change the type of assets that back them | Ankura Trust Company protects USDY holders as Verification Agent and Collateral Agent, enforcing narrow eligibility criteria and is able to force a wind-down in an event of non-compliance |
| Timely redemptions | If stablecoin issuers fail to meet redemption requests within a timely manner, there would be no Event of Default nor automatic wind-down process. Rather, stablecoin holders would likely need to litigate in court to recover their assets | If either Ondo USDY LLC (the previous issuer of USDY) or Ondo Global Markets (BVI) Limited fails to meet a redemption request in a timely manner, an Event of Default will occur, mandating Ankura Trust to liquidate the investment portfolio and repay token holders, subject to USDY holder approval |
# Eligibility
Source: https://docs.ondo.finance/general-access-products/usdy/eligibility
This page provides information on the types of persons that are prohibited or restricted from subscribing for, acquiring or redeeming USDY tokens.
### Jurisdiction-Based Prohibitions:
Ondo prohibits business activities from certain jurisdictions in accordance with its Compliance policies. By agreeing to a business relationship with Ondo, any partners agree to not offer Ondo related products or services in connection with any of the outlined prohibited jurisdictions. Individuals located or residing in and entities organized under the laws of or with a principal place of business in, any jurisdiction listed below (**"Prohibited Persons"**) are prohibited from subscribing for, acquiring or redeeming USDY tokens:
* Afghanistan
* Belarus
* Canada
* Crimea, Donetsk People's Republic (DNR), Luhansk People's Republic (LNR), Kherson and Zaporizhzhia regions (Ukraine), the city of Sevastopol
* Cuba
* Democratic Republic of Korea
* Iran
* Libya
* Myanmar
* Russia
* Somalia
* South Sudan
* Sudan
* Syria
* United States, or any of its states, possessions, territories or federal districts\*
\* Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are "US persons" or acting for the account or benefit of any "US persons" within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming USDY tokens.
Ondo Global Markets (BVI) Limited, the issuer of USDY tokens, also prohibits persons from subscribing for, acquiring or redeeming its tokens if it determines, in its sole discretion, that such activity may constitute a violation of (i) applicable laws, rules or regulations, including but not limited to sanctions restrictions, (ii) the terms of the USDY tokens' governing documents; or (iii) the issuer's governing documents and policies. In addition, if Prohibited Persons, directly or indirectly, hold in the aggregate 50% or more beneficial ownership or control of any entity, such entity may also be (or will be, if Prohibited Persons are prohibited as a result of applicable sanctions regulations) prohibited from subscribing for, acquiring or redeeming USDY tokens.
### Jurisdiction-Based Restrictions:
Individuals residing in or, in certain cases, citizens of, and entities organized under the laws of or with a principal place of business in, any jurisdiction in the table set forth below must satisfy one or more of the eligibility requirements set forth opposite the name of such jurisdiction in order to be issued USDY tokens. For convenience purposes only, the below table also lists the key financial thresholds that are generally sufficient for an individual or entity to satisfy the applicable requirements; however, such information is provided only as a guide and does not amend, replace or supersede the requirements set forth under applicable laws, rules or regulations. Please refer to the applicable jurisdiction's law, rules and regulations for definitions of the defined terms used in the table below. To onboard with the token issuer, Restricted Persons generally will be required to produce evidence that they satisfy the applicable eligibility requirements and to certify or declare their eligible status.
| Jurisdiction | Eligibility Requirements | Summary of Key Financial Thresholds (Individuals) | Summary of Key Financial Thresholds (Entities) |
| -------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Brazil** | "Qualified Investor" under CVM Resolution No. 30, of May 11th, 2021 (Article 12) | R\$1 million in financial investments; or approved technical qualification/certification | Professional investors; investment funds; or investment clubs (managed by Qualified Investors) |
| | "Professional Investor" under CVM Resolution No. 30, of May 11th, 2021 (Article 11) | R\$10 million in financial investments; non-resident investor; or professionals who hold certain financial services accreditation by the Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM) | Financial institutions; insurance/capitalization companies; pension entities; investment funds; or investment clubs (managed by CVM-authorized managers) |
| **Any Member State of the European Economic Area** | "Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under article 2(1)(e) of Prospectus Regulation (EU) 2017/1129 | Fulfill 2 of the 3 below criteria: EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience | Certain regulated financial institutions, or large undertakings that meet two of the following three size requirements: balance sheet total of at least EUR 20 million; net turnover of at least EUR 40 million; or own funds of at least EUR 2 million |
| **Hong Kong** | "Professional Investor" (Individual) under the Securities and Futures (Professional Investor) Rules (PI Rules) | HK\$8 million portfolio value (alone or with associates) | Not applicable |
| | "Professional Investor" (Corporate/Trust) under the Securities and Futures (Professional Investor) Rules (PI Rules) | Not applicable | Trust corporations with HK$40 million total assets; corporations or partnerships with HK$8 million portfolio or HK\$40 million total assets; or investment holding corporations wholly owned by Professional Investors |
| | "Professional Investor" (Institutional) under the Securities and Futures Ordinance (SFO) Schedule 1 Part 1 | Not applicable | Recognized exchange companies; intermediaries; financial institutions; insurers; collective investment schemes; governments; or central banks |
| **Malaysia** | "Sophisticated Investor" ("High Net Worth Individual") under the Capital Markets and Services Act 2007 | RM 3 million net personal/joint assets (excluding primary residence); or RM 300,000 annual income (individual) / RM 400,000 annual income (joint) | Not applicable |
| | "Sophisticated Investor" ("High Net Worth Entity") under the Capital Markets and Services Act 2007 | Not applicable | Trust companies or public company trustees with RM 10 million assets under management; corporations or partnerships with RM 10 million total net assets; statutory bodies; or pension funds |
| | "Sophisticated Investor" (Accredited Investor) under the Capital Markets and Services Act 2007 | Not applicable | Unit trust schemes; Capital Markets Services Licence (CMSL) holders; licensed banks; closed-end funds; or similar regulated entities |
| **Singapore** | "Accredited Investor" under Securities and Futures Act (SFA) (Section 4A(1)) | S$2 million net personal assets (max S$1 million from primary residence); S$1 million financial assets (net of liabilities); or S$300,000 annual income | S\$10 million net assets |
| | "Institutional Investor" under the Securities and Futures Act (SFA) (Section 4A(1)(c)) | Not applicable | Governments; central banks; regulated financial institutions; pension funds; collective investment schemes; or other similarly regulated financial institutions |
| **Switzerland** | FinSA "Professional Client" or "Institutional Client" in accordance with Article 4, paragraphs 3 and 4 of the Swiss Financial Services Act. | Not applicable. | Regulated financial intermediary; insurance company; foreign client subject to prudential supervision; central bank; certain public entities; pension fund; company with professional treasury operations; or a large company meeting two of the following three criteria: CHF 20 million balance, CHF 40 million turnover, CHF 2 million equity; private investment structures with professional treasury operations that have been established for High Net Worth Individuals (HNWI) |
| **United Kingdom** | "Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under article 2(1)(e) of Prospectus Regulation (EU) 2017/1129 | EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience | Certain regulated financial institutions, or large undertakings meeting two of the following three: balance sheet total of at least EUR 20 million; net turnover of at least EUR 40 million; or own funds of at least EUR 2 million |
Please note that Ondo Global Markets (BVI) Limited also imposes non-jurisdiction-related eligibility criteria in accordance with its know-your-customer policies, procedures and practices and contractual agreements.
For certain important notes related to USDY tokens, please see [Important Notes](/general-access-products/usdy/important-notes).
# Important Notes
Source: https://docs.ondo.finance/general-access-products/usdy/important-notes
\[\*] USDY tokens have not been registered under the US Securities Act of 1933, as amended (the "Act") or the securities or financial instrument laws of any other jurisdiction, and may not be offered or sold in the US or to US persons unless registered under the Act or an exemption from the registration requirements thereof is available. In certain jurisdictions, including the European Economic Area, the United Kingdom and Switzerland, the tokens are offered and sold only to qualified investors or professional clients, as the case may be (or that jurisdiction's analogue thereof). [Other jurisdiction-based prohibitions and restrictions apply](/general-access-products/usdy/eligibility). The issuer of USDY is not registered as an investment company under the US Investment Company Act of 1940, as amended, or as an Alternative Investment Fund or Undertaking for Collective Investment in Transferable Securities in the European Economic Area, or under the securities or financial instrument laws of any other jurisdiction.
USDY tokens provide their holders with economic exposure to short-term US treasuries, but USDY tokens are not themselves US treasuries and do not provide their holders with rights to hold or receive any US treasuries.
In the United Kingdom, the communications herein may be deemed a financial promotion pursuant to Section 21 of the Financial Services and Markets Act 2000. To the extent that any such finding is made, the communications herein are only intended for, and directed at, investment professionals as defined in article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "FPO") who have experience of interacting with the USDY tokens; high net worth companies as defined in article 49 of the FPO, and/or any other persons to whom lawful communication is permitted. Any person not falling within these categories is not permitted to act upon anything within the communications herein, and shall not be entitled to rely upon their contents. Ondo Global Markets (BVI) Limited will not enter into arrangements with such persons concerning USDY tokens as a result of this or any other communication.
USDY tokens are issued by Ondo Global Markets (BVI) Limited, a British Virgin Islands business company. Ondo Finance Inc., a Delaware (USA) corporation, provides tokenization services to, and is an equity holder of, Ondo Global Markets (BVI) Limited.
The USDY token issuer, its affiliates, their respective shareholders and members, and their respective directors, officers, employees, consultants, agents and representatives (the "Ondo Persons") do not endorse, the Ondo Persons do not make any representation or warranty whatsoever (express or implied, including but not limited to any warranty of merchantability, fitness for a particular purpose, or non-infringement) regarding, and THE ONDO PERSONS SHALL NOT HAVE ANY LIABILITY WHATSOEVER WITH RESPECT TO ANYONE'S USE OF, any third-party products, services or technologies referenced herein.
Nothing herein constitutes any offer to sell, or any solicitation of an offer to buy, any assets. Nothing herein constitutes investment, legal, tax or financial advice. Acquiring tokens involves risks. A holder of tokens may incur losses, including total loss of their purchase price. Past performance may not be (and for the tokens will not be) an indication of future results. Investors are responsible for conducting their own research, investigation, verification, checks or consultation for professional or investment advice.
The communications herein may contain forward-looking statements, including, but not limited to, statements regarding future financial performance, business strategies, or expectations for the growth or development of Ondo Finance, Ondo USDY LLC, or any of their respective affiliates (each, an "Applicable Entity"). These statements are based on management's current expectations, estimates, projections, and beliefs, and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated. Forward-looking statements can be identified by the use of terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other similar expressions. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to, the following: economic, competitive, legal, governmental, and technological factors affecting the operations, markets, products, services, or prices of any Applicable Entity. No Applicable Entity undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Additional terms and restrictions apply. See [docs.ondo.finance/legal/terms-of-service](/legal/terms-of-service), [docs.ondo.finance/general-access-products/usdy](/general-access-products/usdy/basics), [ondo.finance/usdy](https://ondo.finance/usdy), [app.ondo.finance](https://app.ondo.finance) and (as applicable) the token offering documents for details.
# Rebasing
Source: https://docs.ondo.finance/general-access-products/usdy/rebasing
### **What is rebasing and how does it work? How is it different than airdropping?**
Rebasing is a mechanism through which the total supply of tokens is adjusted. Rebasing works by taking the "base" number of tokens, T, and multiplying it by some "rebasing factor", RF, to get a new number of tokens. For example, let's say there were a total of 100 tokens: 10 were held by Holder A (10% of the total) and 90 by Holder B (90% of the total). In a rebasing, we might want to double the total number of tokens (i.e. a rebasing factor of 2). We multiply each holder's balance by the Rebasing Factor — 2 in this case — so after rebasing a total of 200 tokens are outstanding in which Holder A has 20 tokens (still 10% of the total) and Holder B has 180 tokens (still 90% of the total). Economically, Holder A and Holder B are in the same position both before and after rebasing.
How can we do this? One way would be to mint and airdrop new tokens to each token holder. This would cost a lot of gas, however, because it requires updating each token contract storage location that represents a user's balance. Rebasing allows us to adjust all token holder balances in a gas-efficient manner by introducing the concept of user "shares". A "share" is similar to a share of a company's stock - it can be thought of as a claim on a percentage of the total supply of rUSDY tokens (and, in fact, the concept of rebasing is similar to the concept of a share split – except rebasing is automatic). A user's balance is then equal to the percentage of total shares they hold, multiplied by the total number of shares:
`NumTokens_User = NumTokens_Total * (NumShares_User / NumShares_Total)`
When we rebase, therefore, we only have to update ***one*** contract storage location: `NumTokens_Total`. As you can see from the formula above, that will increase the balance in your wallet while keeping your ***percentage*** of the total tokens the same. Here's an example where we increase `NumTokens_Total` from 100 to 200:
| | Holder A Shares | Holder B Shares | Total Number of Shares | Total Supply of rUSDY Tokens | Holder A rUSDY Balance | Holder B rUSDY Balance |
| --------------- | --------------- | --------------- | ---------------------- | ---------------------------- | ------------------------------- | ------------------------------ |
| Before Rebasing | 1 | 9 | 10 | 100 | (1/10) \* 100 = 10 rUSDY Tokens | 9/10\* 100 = 90 rUSDY Tokens |
| After Rebasing | 1 | 9 | 10 | 200 (increase) | (1/10) \* 200 = 20 rUSDY Tokens | 9/10 \* 200 = 180 rUSDY Tokens |
And what number do we set the `NumTokens_Total` to be? We set it equal to the Total Value Locked (TVL) of rUSDY as of the latest price update. In other words, we set `NumTokens_Total = TVL`, thereby making `TVL / NumTokens_Total equal` to \$1.00.
The rebasing factor RF, then, is calculated as `RF = NumTokens_Total_New / NumTokens_Total_Old`.
We can use a simple example to check this. Let's say that on Monday the total number of tokens after rebase (NumTokens\_Total\_Old) was 2 (implying an rUSDY TVL of \$2.00). Let's also say that at the end of Monday, the price of USDY increased to \$2, so the TVL of rUSDY at the end of the day (TVL) was now \$4. This implies that the Reference Token Price - the 'face value' of the rUSDY token price - is 4 dollars / 2 tokens = \$2 per token. To make the Reference Token price per rUSDY token equal to \$1.00 after rebase on Tuesday, we need to double the number of tokens. In this case, the RF would be 2 (\$4/\$2 = 2). As a result, because the number of rUSDY tokens doubled for everyone, the Reference Token Price per rUSDY token would be reduced to \$1.00 per token.
Finally, please note that when your rUSDY balance increases due to rebasing, you will see the balance increase in your wallet, but you will not see an accompanying transaction in your wallet's activity or on a block explorer. This is because the tokens are simply being rebased rather than tokens being sent to the holder's wallet.
### **How often do you rebase rUSDY?**
rUSDY is rebased daily at the same time the USDY price is updated.
Yield is accrued to tokens at the time of the respective price update. As a result, holders of both rUSDY and USDY who submit a redemption request prior to the daily price update (and corresponding rebase) on a given day do not accrue yield on those tokens for that day. Please note that rUSDY and USDY holders are not 'paid out' yield, but rather that yield is reflected by the increased value of their existing USDY tokens or increased number of rUSDY tokens.
### **What is the difference between rebasing rUSDY and updating the USDY token price onchain?**
When the USDY token price (aka the Reference Token Price) is updated each day, a rebase occurs in the same block, so you can think of a "price update" and a "rebase" as de facto being the same events, occuring at the same time.
### **How do I convert between USDY and rUSDY?**
Use the [Ondo Converter](https://ondo.finance/convert) on our website to easily convert between USDY and rUSDY
# USDY vs Rebasing USDY (rUSDY)
Source: https://docs.ondo.finance/general-access-products/usdy/usdy-vs-rebasing-usdy
### **What's the difference between USDY and rUSDY?**
The 'r' in rUSDY stands for 'rebasing'. rUSDY is intended to maintain a price of \$1.00 per token (with the accruing yield being represented by the division of rUSDY tokens into more tokens via [rebasing](/general-access-products/usdy/rebasing)). By contrast, the accruing yield of USDY tokens gets 'accumulated' into the price, such that the price of USDY is intended to appreciate over time. For example, let's say you held 100 rUSDY tokens and 100 USDY tokens that were each worth a dollar. The next day the USDY price per token increased to \$1.01 per token. After the price update and rebasing, your holdings of both rUSDY and USDY would each be worth \$101.00. You would still have a balance of 100 USDY tokens worth \$1.01 apiece. However, due to the rebasing nature of rUSDY tokens, you would now hold 101 rUSDY tokens worth \$1.00 per token.
### **How do I decide between USDY and rUSDY?**
While we believe many tokenholders will want to hold rUSDY because of its intended price stability, certain protocols, exchanges, or custodians may not support rebasing tokens. Regardless, converting between USDY and rUSDY is [easy](/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy).
### **How do I convert between USDY and rUSDY?**
Use the [Ondo Converter](https://ondo.finance/convert) on our website to easily convert between USDY and rUSDY.
# Welcome to Ondo
Source: https://docs.ondo.finance/index
Institutional-grade financial products and services available to everyone
At Ondo, our mission is to make institutional-grade financial products and services available to everyone. We believe that blockchain technology has the potential to improve both the infrastructure of — and access to — financial products and services. We also believe that the best technical improvements need to be combined with the best practices from traditional finance, including investor protections, transparency in reporting, legal and regulatory compliance, intelligent and robust product structuring, working with the best service providers, and top-notch client service.
To help us do this, we have an **asset management** arm that creates and manages tokenized financial products as well as a **technology arm** that develops decentralized finance protocols.
## Products
To get started with our products, simply browse the list of available funds on our [website](https://ondo.finance/) or listed here in these docs. You'll be able to find detailed information, including what assets underlie each, how they work, expected yields and risks, eligibility requirements, and much more.
When you find a product you like, once you onboard you can invest by connecting your wallet and depositing stablecoins (or, in some cases, wiring USD). When you wish to redeem your tokens for stablecoins (or USD), you can request a redemption. How long it takes to redeem your tokens depends on the particular product.
### What assets are available to trade through Ondo Global Markets?
Investors can currently trade 100+ tokenized stocks and ETFs via the Global Markets platform, including the stock of popular companies (e.g. Tesla, Nvidia, Figma), indexes (e.g. QQQ, SPY), and fixed income ETFs (e.g. TLT, TIP, AGG). For a complete list, please visit our web app at [app.ondo.finance](https://app.ondo.finance).
### Do you just offer tokenized stocks? What about fixed income? ETFs? Mutual Funds?
Yes, ETFs are available—when we say 'tokenized stocks' we intend to refer to the full set of available assets.
### What other stocks and ETFs do you intend to tokenize in the future?
The Ondo Global Markets platform was designed to be scalable quickly, and we intend to tokenize thousands of publicly traded assets over the coming months. Stay tuned.
### Do you only offer US stocks?
We currently only offer tokenized versions of securities trading on the NYSE and NASDAQ exchanges. Over time, however, we may expand to tokenizing securities trading on exchanges in other countries.
### What is USDon?
USDon is a stablecoin backed 1:1 by a US dollar in one of Global Markets' brokerage accounts. USDon is the stablecoin used to instantly buy or redeem Ondo tokenized stocks. When you purchase Ondo tokenized stocks with other stablecoins such as USDC, our platform [atomically swaps that stablecoin for USDon](/ondo-global-markets/investing-and-redeeming#what-forms-of-payment-can-i-use-to-purchase-ondo-tokenized-stocks) and then uses USDon to buy the tokenized stock. Similarly, when you sell your tokenized stock for USDC, our platform first redeems for USDon and then swaps that for USDC, all in one atomic transaction.
# Comparison to Other Tokenized Stocks
Source: https://docs.ondo.finance/ondo-global-markets/comparison-to-other-tokenized-stocks
### How do slippage, liquidity, and price dislocations interconnect in tokenized asset markets, and why do they pose challenges for early tokenized stocks?
In tokenized asset markets, slippage, liquidity, and price dislocations are interconnected concepts that can significantly impact trading efficiency and price stability, so understanding their relationships is crucial for investors.
Let's start by defining some terms. *Liquidity* refers to how easily an asset can be bought or sold without drastically affecting its price. (For example, if you were trying to sell your house within the next day, you'd probably have to sell it for a *lot* less than if you ran a normal sales process. This is one reason why your house is considered an illiquid asset.) In public markets, liquidity is often characterized by market depth (the volume available at various price levels), bid-ask spreads (the gap between buy and sell prices), and trading volume (how many shares are trading in a given time period). High liquidity allows for smooth transactions, while low liquidity creates vulnerabilities. In tokenized stocks, liquidity is often "recreated" onchain, separate from the deep pools in traditional exchanges like NASDAQ, leading to thin order books (e.g. having few buy or sell orders at various prices).
*Slippage* occurs when a trade executes at a worse price than expected, typically due to insufficient liquidity. For instance, say an investor wants to buy 10 shares of tokenized AAPL (Apple) and that the 'headline' price of a share of an AAPL token is \$230. That might seem fine, but that \$230 price only indicates the lowest price at which another investor might be willing to sell a *single* AAPL token; if the *next* investor isn't willing to sell their other nine AAPL tokens for less than \$300 (which is their right), then *your* cost to purchase ten shares might be (1\*\$230 + 9\*\$300) / 10 = \$293 per token…a far cry from the "listed" \$230 price. This is a direct causal effect: low liquidity causes high slippage by limiting the market's ability to absorb orders without volatility. In low-volume onchain markets, even small trades can amplify this, deterring participants and creating a feedback loop that further erodes liquidity.
*Price dislocations*, or mispricings, happen when the token's market price deviates from the underlying asset's fair value—such as a tokenized AAPL trading at a 15% premium over the underlying AAPL shares.
The cause of these dislocations is often a lack of *arbitrage*. Arbitrageurs normally correct dislocations by buying low and selling high. For example, let's say that tokenized AAPL was trading on an exchange for \$231, but was trading for \$230 on another exchange. If there was a lot of liquidity — and if the transactions could happen quickly — an arbitrageur would simply buy the token for \$230 on the one exchange and sell it for \$231 on the other nearly instantly, and make a \$1 profit with little risk. This type of dynamic happens in all kinds of financial markets and helps keeps prices consistent.
In many existing implementations of tokenized assets, however, high-friction minting and redemption processes (e.g., delays or costs in converting tokens back to underlying assets) prevent these type of quick interventions at low cost, and the low liquidity of the secondary markets (i.e. markets where the token is being traded directly, as opposed to the *primary* market where they are being minted and burned) means that arbitrageurs can't easily do it there, either.
So now you can see the issue: Low liquidity and high-friction minting and burning lead to high slippage, which signals market inefficiency and discourages arbitrage, allowing dislocations to widen and persist.
### So how do Ondo tokenized stocks address these issues?
Ondo tokenized stocks address these issues by enabling instant, low-cost minting/redemption and by inheriting liquidity from traditional markets. This allows arbitrageurs to align prices quickly and effectively, reducing token slippage and dislocations from day one.
### How else are Ondo tokenized stocks different?
A few other key differences between Ondo tokenized stocks and some other tokenized stock implementations are that our assets are:
* Transferable 24/7
* Compatible with DeFi
* Structured to provide [strong investor protections](/ondo-global-markets/trust-and-transparency)
# Corporate Actions
Source: https://docs.ondo.finance/ondo-global-markets/corporate-actions
### What is a corporate action?
A corporate action is any event initiated by a company that affects its securities—stocks, bonds, or other instruments—and typically requires updates to records, valuations, or entitlements for investors. Common examples of corporate actions are dividends, stock splits, mergers or acquisitions, spin-offs (creating a new, separate company and giving shares to existing holders), rights offerings (offering existing shareholders the chance to buy more shares at a discount), and (for bonds), bond calls or redemptions.
### How do corporate actions affect Ondo tokenized stocks?
Each type of corporate action has different results. Continue reading for more detailed information.
### How are dividends handled?
Dividends are automatically invested back into the referenced stock and reflected in token pricing. Minting and redemption quotes reflect both price changes and reinvested dividends. For a more detailed example, see the section about [how Ondo tokenized stocks are priced](/ondo-global-markets/token-and-quote-pricing#how-is-the-price-of-an-ondo-tokenized-stock-determined).
On Solana and BNB Chain, in wallets and explorers that have integrated Scaled UI, the effect of the dividends being invested back into the referenced stock is reflected in the displayed token balance, rather than the price. This only affects the way in which the prices and balances are displayed; the economic exposure is the same.
### Is trading halted during dividends?
Trading may be paused for a given stock or ETF for a short time immediately before and after the start of the [ex-dividend date](/ondo-global-markets/corporate-actions#what-is-an-ex-dividend-date). The exact duration of these pauses may change over time as we try to shorten it, but for now you can assume trading may be paused 7:50:00pm-8:10:00pm the day before the dividend ex-date.
There is an exception to this rule, however. Unlike traditional stock dividends from individual companies, which are typically declared by the board of directors weeks or even months in advance with a fixed amount, ETF distributions (especially from fixed income funds) are often calculated based on the accrued income from underlying holdings like bonds, which can fluctuate due to interest payments, premium amortization, discount accretion, expenses, and other factors.
This means the exact distribution amount is frequently finalized and announced very close to the ex-date—often just 1-2 business days before, or even after hours on the day prior to the ex-date. As a result, the exact amount of this dividend may sometimes not appear in our data feeds for up to 24 hours.
In these cases, the platform *will* halt trading until the exact amount of the dividend is known. Trading will resume as soon as the system can incorporate the dividend amount and appropriately increase the number of shares per token.
You can always check for upcoming dividends, as well as any tokens that are halted, at [status.ondo.finance](https://status.ondo.finance)
### What is an ex-dividend date?
When a company decides to pay a dividend (a portion of its profits) to its shareholders, it sets a few important dates to organize who gets the money. Two key dates are the **record date** and the **ex-dividend date** (or ex-date). These dates help decide who qualifies for the dividend.
1. **Record Date**: This is the day the company checks its list of shareholders to see who owns the stock and is eligible to receive the dividend. Think of it like the company taking a snapshot of its owners.
2. **Ex-Dividend Date (Ex-Date)**: This is the day when the stock starts trading *without* the dividend included in its price. If you buy the stock on or after this date, you won't get the upcoming dividend. If you buy it *before* this date, you're eligible for the dividend.
In the past, stock trades took two business days to "settle" (i.e. "trade + 2 days" or T+2), meaning it took two days for the buyer to officially become the owner of the stock. Because of this delay, the ex-date was set one day *before* the record date to give the trade time to settle, ensuring the buyer was on the company's list by the record date.
Now, with T+1 settlement, trades settle in just one business day. This means if you buy a stock the day before the record date, your purchase settles in time for you to be on the company's list. As a result, the ex-date and record date are now the same day for most regular dividends.
As an example, imagine a company announces it will pay a \$1 dividend. It sets:
* **Record Date**: July 10 (the day it checks who owns the stock).
* **Ex-Date**: Also July 10 (because of T+1 settlement)
Here's how it works:
* If you buy the stock *before* July 10 (say, on July 9 or earlier), your trade settles by July 10, so you're on the company's list and get the dividend.
* If you buy the stock *on or after* July 10, you won't get the dividend because you're not the official owner until the next day (July 11), after the record date.
### What about other corporate actions?
* Earnings: For a limited period of time around earnings announcements, assets enter a "limited" state, in which the maximum single trade size is reduced. This "limited" state ends shortly after the earnings announcement ends.
More information about other corporate actions will be provided soon.
# Eligibility
Source: https://docs.ondo.finance/ondo-global-markets/eligibility
This page provides information on the types of persons that are prohibited or restricted from subscribing for, acquiring or redeeming Ondo Global Markets tokens.
### Jurisdiction-Based Prohibitions:
Ondo prohibits business activities from certain jurisdictions in accordance with its Compliance policies. By agreeing to a business relationship with Ondo, any partners agree to not offer Ondo related products or services in connection with any of the outlined prohibited jurisdictions. Individuals located or residing in and entities organized under the laws of or with a principal place of business in, any jurisdiction listed below (**"Prohibited Persons"**) are prohibited from subscribing for, acquiring or redeeming Ondo Global Markets tokens:
* Afghanistan
* Belarus
* Canada
* Crimea, Donetsk People's Republic (DNR), Luhansk People's Republic (LNR), Kherson and Zaporizhzhia regions (Ukraine), the city of Sevastopol
* Cuba
* Democratic Republic of Korea
* Iran
* Libya
* Myanmar
* Russia
* Somalia
* South Sudan
* Sudan
* Syria
* United States, or any of its states, possessions, territories or federal districts\*
\* Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are "US persons" or acting for the account or benefit of any "US persons" within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming Ondo Global Markets tokens.
Ondo Global Markets (BVI) Limited, the issuer of Ondo Global Markets tokens, also prohibits persons from subscribing for, acquiring or redeeming its tokens if it determines, in its sole discretion, that such activity may constitute a violation of (i) applicable laws, rules or regulations, including but not limited to sanctions restrictions, (ii) the terms of the Ondo Global Markets tokens' governing documents; or (iii) the issuer's governing documents and policies. In addition, if Prohibited Persons, directly or indirectly, hold in the aggregate 50% or more beneficial ownership or control of any entity, such entity may also be (or will be, if Prohibited Persons are prohibited as a result of applicable sanctions regulations) prohibited from subscribing for, acquiring or redeeming Ondo Global Markets tokens.
### Jurisdiction-Based Restrictions:
Individuals residing in or, in certain cases, citizens of, and entities organized under the laws of or with a principal place of business in, any jurisdiction in the table set forth below must satisfy one or more of the eligibility requirements set forth opposite the name of such jurisdiction in order to be issued Ondo Global Markets tokens. For convenience purposes only, the below table also lists the key financial thresholds that are generally sufficient for an individual or entity to satisfy the applicable requirements; however, such information is provided only as a guide and does not amend, replace or supersede the requirements set forth under applicable laws, rules or regulations. Please refer to the applicable jurisdiction's law, rules and regulations for definitions of the defined terms used in the table below. To onboard with the token issuer, Restricted Persons generally will be required to produce evidence that they satisfy the applicable eligibility requirements and to certify or declare their eligible status.
| Jurisdiction | Eligibility Requirements | Summary of Key Financial Thresholds (Individuals) | Summary of Key Financial Thresholds (Entities) |
| -------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Brazil** | "Qualified Investor" under CVM Resolution No. 30, of May 11th, 2021 (Article 12) | R\$1 million in financial investments; or approved technical qualification/certification | Professional investors; investment funds; or investment clubs (managed by Qualified Investors) |
| | "Professional Investor" under CVM Resolution No. 30, of May 11th, 2021 (Article 11) | R\$10 million in financial investments; non-resident investor; or professionals who hold certain financial services accreditation by the Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM) | Financial institutions; insurance/capitalization companies; pension entities; investment funds; or investment clubs (managed by CVM-authorized managers) |
| **Any Member State of the European Economic Area** | "Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under article 2(1)(e) of Prospectus Regulation (EU) 2017/1129 | At least 2 of the following: EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience | Certain regulated financial institutions, or large undertakings that meet two of the following three size requirements: balance sheet total of at least EUR 20 million; net turnover of at least EUR 40 million; or own funds of at least EUR 2 million |
| **Hong Kong** | "Professional Investor" (Individual) under the Securities and Futures (Professional Investor) Rules (PI Rules) | HK\$8 million portfolio value (alone or with associates) | Not applicable |
| | "Professional Investor" (Corporate/Trust) under the Securities and Futures (Professional Investor) Rules (PI Rules) | Not applicable | Trust corporations with HK$40 million total assets; corporations or partnerships with HK$8 million portfolio or HK\$40 million total assets; or investment holding corporations wholly owned by Professional Investors |
| | "Professional Investor" (Institutional) under the Securities and Futures Ordinance (SFO) Schedule 1 Part 1 | Not applicable | Recognized exchange companies; intermediaries; financial institutions; insurers; collective investment schemes; governments; or central banks |
| **Malaysia** | "Sophisticated Investor" ("High Net Worth Individual") under the Capital Markets and Services Act 2007 | RM 3 million net personal/joint assets (excluding primary residence); or RM 300,000 annual income (individual) / RM 400,000 annual income (joint) | Not applicable |
| | "Sophisticated Investor" ("High Net Worth Entity") under the Capital Markets and Services Act 2007 | Not applicable | Trust companies or public company trustees with RM 10 million assets under management; corporations or partnerships with RM 10 million total net assets; statutory bodies; or pension funds |
| | "Sophisticated Investor" (Accredited Investor) under the Capital Markets and Services Act 2007 | Not applicable | Unit trust schemes; Capital Markets Services Licence (CMSL) holders; licensed banks; closed-end funds; or similar regulated entities |
| **Singapore** | "Accredited Investor" under Securities and Futures Act (SFA) (Section 4A(1)) | S$2 million net personal assets (max S$1 million from primary residence); S$1 million financial assets (net of liabilities); or S$300,000 annual income | S\$10 million net assets |
| | "Institutional Investor" under the Securities and Futures Act (SFA) (Section 4A(1)(c)) | Not applicable | Governments; central banks; regulated financial institutions; pension funds; collective investment schemes; or other similarly regulated financial institutions |
| **Switzerland** | FinSA "Professional Client" or "Institutional Client" in accordance with Article 4, paragraphs 3 and 4 of the Swiss Financial Services Act. | Not applicable. | Regulated financial intermediary; insurance company; foreign client subject to prudential supervision; central bank; certain public entities; pension fund; company with professional treasury operations; or a large company meeting two of the following three criteria: CHF 20 million balance, CHF 40 million turnover, CHF 2 million equity; private investment structures with professional treasury operations that have been established for High Net Worth Individuals (HNWI) |
| **United Kingdom** | "Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under article 2(1)(e) of Prospectus Regulation (EU) 2017/1129 | EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience | Certain regulated financial institutions, or large undertakings meeting two of the following three: balance sheet total of at least EUR 20 million; net turnover of at least EUR 40 million; or own funds of at least EUR 2 million |
Please note that Ondo Global Markets (BVI) Limited also imposes non-jurisdiction-related eligibility criteria in accordance with its know-your-customer policies, procedures and practices and contractual agreements.
For certain important notes related to Ondo Global Markets tokens, please see [Important Notes](/ondo-global-markets/important-notes).
# Fees & Taxes
Source: https://docs.ondo.finance/ondo-global-markets/fees-and-taxes
### What fees does Global Markets charge?
When [a quote is generated](/ondo-global-markets/token-and-quote-pricing#when-i-am-actually-buying-or-selling-an-ondo-tokenized-stock-the-price-seems-to-be-slightly-different-from-the-main-price-listed-why) for an investor to buy (or sell) a token, the price may be slightly more (or less) than the price at which Ondo Global Markets buys (or sells) the underlying stock, with any difference and any fees being retained by Ondo Global Markets. Investors are responsible for their own gas costs.
(Note that if Ondo tokenized stocks are acquired in the secondary market, fees may be charged to you by other parties.)
### How are Ondo tokenized stocks taxed?
Dividends or other income paid from underlying assets to Ondo Global Markets are subject to withholding taxes.
Withholding taxes are taxes that are automatically deducted from certain types of income—such as dividends—before that income is paid. For US stocks and bonds, brokers are generally required to withhold a portion of dividends payable to non‑US investors based on the tax rules that apply to the entity receiving the dividend. The Ondo Global Markets entity that issues the tokens is based in the British Virgin Islands (BVI), so dividends paid by US securities to the entity are subject to the standard rates for BVI entities:
* For dividends from US-based companies, this rate is 30% in accordance with US tax regulations.
* For distributions from US-based fixed-income ETFs, this rate is also 30%, but certain portions of such distributions may be exempt from withholding tax (for example, income from US Treasury Bonds is considered exempt), so the effective rate may be less than 30%.
* For distributions from non-US companies listed as ADRs (e.g. though Spotify trades as SPOT on the NYSE, it is based in Sweden and the shares you buy on the NYSE represent underlying Luxembourg-listed ordinary shares), there is typically no US withholding tax, but Luxembourg will withhold 15% of the dividend before it even gets to the ADR, and then the ADR will pass on 100% of what's left to the ADR holder).
The consequence of this is that the amount of any dividend reinvested in the underlying asset is net of any withholding tax (e.g. if AAPL paid out \$1 in dividend, we'd only receive and reinvest \$1 \* (1-30%) = \$0.70.)
No other taxes (e.g., capital gains, income) are withheld for Ondo Global Markets, nor does Ondo Global Markets withhold any taxes when tokens are redeemed. However, investors may be subject to tax in connection with redeeming, purchasing or holding tokens, depending on the laws of the jurisdictions in which they are subject to tax, as well as their own particular tax circumstances. Each investor is solely responsible for understanding, reporting and fulfilling his, her, or its respective tax obligations. Ondo Global Markets strongly suggests that each investor consult his, her, or its own tax advisor to determine their tax obligations associated with redeeming, purchasing or holding Ondo Global Markets tokens.
# Important Notes
Source: https://docs.ondo.finance/ondo-global-markets/important-notes
\[\*] The tokenized assets referenced herein (including Ondo Global Markets tokenized stocks, tokenized ETFs, and tokenized ADRs, (collectively, the "Ondo GM Tokens") and USDY tokens) (collectively, the "Tokens") have not been registered under the US Securities Act of 1933, as amended (the "Act") or the securities or financial instrument laws of any other jurisdiction. The Tokens may not be offered or sold in the United States or to US persons unless registered under the Act or an exemption from the registration requirements thereof is available. In certain jurisdictions, including the United Kingdom, Switzerland and (for certain Tokens) the European Economic Area ("EEA"), the Ondo GM Tokens and USDY tokens are offered and sold only to qualified investors or professional clients, as the case may be (or that jurisdiction's analogue thereof). [Other jurisdiction-based prohibitions and restrictions apply](/ondo-global-markets/eligibility). The issuer of the Tokens is not registered as an investment company under the US Investment Company Act of 1940, as amended, or as an Alternative Investment Fund or Undertaking for Collective Investment in Transferable Securities in the EEA, or under the securities or financial instrument laws of any other jurisdiction.
Ondo GM Tokens provide their holders with economic exposure to the value of their underlying assets, including the value of dividends (less applicable tax withholdings). However, Ondo GM Tokens are not themselves stocks, ETFs or ADRs and the Ondo GM Tokens do not provide their holders with rights to hold or receive their respective underlying assets. Similarly, USDY tokens provide their holders with economic exposure to short-term US treasuries, but USDY tokens are not themselves US treasuries and do not provide their holders with rights to hold or receive any US treasuries.
In the EEA/EU, certain Tokens are offered to both Professional and Retail Investors. A base prospectus relating to the Tokens has been approved by the Financial Market Authority Liechtenstein (FMA) and notified, at the issuer's request, to certain EEA Member States (the "Relevant EEA States"). The prospectus is published at app.ondo.finance at each applicable Token's webpage. The approval of the prospectus should not be understood as an endorsement of the Tokens. Investors residing in the EU/EEA should read the prospectus, and the relevant final terms and KID for each applicable Token, before investing in order to fully understand the potential risks and rewards associated with the decision to invest. This notice is a marketing communication and does not constitute a prospectus.
Certain Ondo GM Tokens (referred to in the UAE as "Digital Securities") have been admitted to trading on Nest Exchange Limited, a Multilateral Trading Facility for Digital Assets operated by Binance in the Abu Dhabi Global Market ("ADGM"), authorised by the Financial Services Regulatory Authority (the "FSRA"). Such Digital Securities are available for trading by those investors eligible for a Binance account. The ADGM FSRA has no responsibility for reviewing or verifying any documents in connection with the admission to trading of such Digital Securities in the ADGM. The FSRA has not approved the documents in connection with the admission to trading nor taken steps to verify the information set out in it and has no responsibility for it. No offer of securities is being made in ADGM. Prospective purchasers of such Digital Securities admitted to trading should conduct their own due diligence on such Digital Securities.
In the United Kingdom, the communications herein may be deemed a financial promotion pursuant to Section 21 of the Financial Services and Markets Act 2000. To the extent that any such finding is made, the communications herein are only intended for, and directed at, investment professionals as defined in article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "FPO") who have experience of interacting with the Ondo GM Tokens and USDY tokens; high net worth companies as defined in article 49 of the FPO, and/or any other persons to whom lawful communication is permitted. Any person not falling within these categories is not permitted to act upon anything within the communications herein, and shall not be entitled to rely upon their contents. Ondo Global Markets (BVI) Limited will not enter into arrangements with such persons concerning Ondo GM Tokens and USDY tokens as a result of this or any other communication.
The Tokens are issued by Ondo Global Markets (BVI) Limited, a British Virgin Islands business company. OUSG tokens are issued by Ondo I LP, a Delaware (USA) limited partnership (the "Fund"). Ondo Finance Inc., a Delaware (USA) corporation, provides tokenization services to, and is an equity holder of, Ondo Global Markets (BVI) Limited.
The Token issuers, their affiliates, their respective shareholders and members, and their respective directors, officers, employees, consultants, agents and representatives (the "Ondo Persons") do not endorse, the Ondo Persons do not make any representation or warranty whatsoever (express or implied, including but not limited to any warranty of merchantability, fitness for a particular purpose, or non-infringement) regarding, and THE ONDO PERSONS SHALL NOT HAVE ANY LIABILITY WHATSOEVER WITH RESPECT TO ANYONE'S USE OF, any third-party products, services or technologies referenced herein.
Nothing herein constitutes any offer to sell, or any solicitation of an offer to buy, any Tokens. Nothing herein constitutes investment, legal, tax or financial advice. Acquiring the Tokens involves risks. A holder of the Tokens may incur losses, including total loss of their purchase price. Past performance is not an indication of future results. Investors are responsible for conducting their own research, investigation, verification, checks or consultation for professional or investment advice.
The communications herein may contain forward-looking statements, including, but not limited to, statements regarding future financial performance, business strategies, or expectations for the growth or development of Ondo Finance, Ondo Global Markets (BVI) Limited, or any of their respective affiliates (each, an "Applicable Entity"). These statements are based on management's current expectations, estimates, projections, and beliefs, and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated. Forward-looking statements can be identified by the use of terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other similar expressions. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to, the following: economic, competitive, legal, governmental, and technological factors affecting the operations, markets, products, services, or prices of any Applicable Entity. No Applicable Entity undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Additional terms and restrictions apply. See [docs.ondo.finance/legal/terms-of-service](/legal/terms-of-service), [docs.ondo.finance/ondo-global-markets](/ondo-global-markets/overview), [ondo.finance/global-markets](https://ondo.finance/global-markets), [app.ondo.finance](https://app.ondo.finance) and (as applicable) the Token offering documents for details.
# Investing & Redeeming
Source: https://docs.ondo.finance/ondo-global-markets/investing-and-redeeming
## Investing
### What is the minimum I can invest or redeem?
The minimum is just \$1.00 USD.
### Can I buy fractional tokens / shares?
Yes, you can buy less than one full token. Please keep in mind, however, that Ondo tokenized stocks are total return tracker tokens, so a single token may, over time, provide exposure to more than one share of the underlying stock. [Learn more](/ondo-global-markets/token-and-quote-pricing#how-is-the-price-of-an-ondo-tokenized-stock-determined)
### What forms of payment can I use to purchase Ondo tokenized stocks?
All Ondo tokenized stocks purchased from the Ondo Global Markets platform are purchased with [USDon](/ondo-global-markets/available-assets#what-is-usdon), our native stablecoin. Thanks to the platform's stablecoin swapper, however, USDC can be atomically converted 1:1 to USDon for mints, and USDon can be converted 1:1 to USDC automatically for redemptions.\*
This means that if you want to buy a tokenized stock with USDC, you can: in a single transaction, the USDC will be swapped for USDon, and the USDon will be used to purchase the tokenized stock, which is then sent to you.
\*Note that the ability to instantly swap USDC to/from USDon depends upon the stablecoin swapper having sufficient amounts of the other token available. For example, say you wanted to buy \$100M worth of AAPLon with 100M USDC. If the swapper only had 50M USDon in it, you wouldn't be able to do it. (If you already held 100M USDon in your wallet, however, you *would* be able to.)
Also note that, even if there weren't enough USDC in the swapper to redeem the entire amount to USDC, you can always redeem the entire amount to USDon and then swap USDon to USDC as the swapper is replenished. For example, say you had \$100M worth of AAPLon that you wanted to redeem to USDC, but the swapper only contained 50M USDC. You could redeem the entire amount to USDon, swap 50M USDon for 50M USDC now, and then swap the remaining 50M USDon to USDC after the swapper is replenished. Because each USDon is backed by a dollar of cash or equivalents at a Global Markets brokerage account—and because 1 USDon is always swappable 1:1 for 1 USDC—once you redeem for USDon you are not exposed to further market risk.
Note that, by default, users are not whitelisted to swap between USDon and USDC; if you would like this ability, please contact us at [support@ondo.finance](mailto:support@ondo.finance). Please also note that the swapper does not currently have a UI; at this time, using it requires interacting directly with the smart contract.
### Can any type of wallet or account hold Ondo tokenized stocks?
Ondo's tokenized stocks are ERC20 compliant and transferable, so they can be held by any smart contracts or other externally owned accounts or wallets (e.g. Metamask, Bitget Wallet, Trust Wallet, OKX Wallet, etc.) In addition, certain custodians, including BitGo, Fireblocks, Zodia, and Ledger, also provide support. However, note that most centralized exchange custodial accounts (e.g. Binance, Coinbase) do not (yet).
### How long will it take for me to receive my Ondo tokenized stocks?
The minting of new Ondo tokenized stocks is instant.
### How long will it take for me to receive my USDon?
If you wish to hold USDon in your wallet directly (as opposed to just atomically swapping USDC for USDon and then using USDon to purchase your tokenized stocks), you can still use our [stablecoin swapper](/ondo-global-markets/investing-and-redeeming#what-forms-of-payment-can-i-use-to-purchase-ondo-tokenized-stocks) to swap USDC for USDon and hold the USDon for later use. As noted [elsewhere](/ondo-global-markets/investing-and-redeeming#what-forms-of-payment-can-i-use-to-purchase-ondo-tokenized-stocks), however, the ability to swap USDC for USDon instantly is dependent upon the amount of USDon available in the swapper. If you wish to obtain very large amounts of USDon (say \$10M+) in very short order (i.e. within a day or two), please contact us at [support@ondo.finance](mailto:support@ondo.finance). Please note that the swapper does not currently have a UI; at this time, using it requires interacting directly with the smart contract.
### Are there offering documents like a prospectus, PPM, or loan documents I can see?
To comply with US laws and regulations, we are only able to provide such materials to investors who successfully complete our [onboarding process](/ondo-global-markets/onboarding-and-kyc) to prove [eligibility](/ondo-global-markets/eligibility). You will have an opportunity to review all materials prior to investing.
### I want to invest via bank wire. How do I do that?
Purchasing Ondo tokenized stocks directly via bank wire is not currently supported. Purchasing USDon via bank wire is only available to those investing \$500,000 or more.
Should you wish to do this, you will need to provide us with account information for the sending account. Include the account number, ABA/SWIFT Number, name of your bank, and the name on the account. You will also be given a specific code, which you will need to include in the memo/notes section of your wire. Finally, once the wire is sent, you will need to provide us with the unique identifier assigned by your bank to the transaction once the wire has been sent. Depending upon your bank, this might be called a MT103 Message, a UETR, or an IMAD. You will likely have to ask your bank to provide this to you. To begin this process, please contact us at [support@ondo.finance](mailto:support@ondo.finance).
## Redeeming
### What about redemptions?
Everything we mention above about investing applies to redemptions as well: you can redeem to USDon or USDC. The redemption to USDon will always be instant; redemptions to USDC will be instant provided there is enough liquidity in the stablecoin swapper. The minimum redemption amount to USDon or USDC is \$1.00. Redemptions to USD via bank wire are not currently supported.
# Legal & Regulatory
Source: https://docs.ondo.finance/ondo-global-markets/legal-and-regulatory
### How are Ondo tokenized stocks structured legally?
An Ondo tokenized stock is a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited (known as the "Issuer"), a bankruptcy-remote special purpose vehicle (SPV) organized in the British Virgin Islands (BVI). Tokenholder rights and obligations are governed by Swiss law under the Issuer's Sales Terms. Ondo tokenized stocks are designed such that amount payable to the token (note) holder changes in value based upon the change in value of the corresponding underlying asset, including any corporate actions such as dividends, spin-offs, acquisitions, etc. These tokens are fully backed on a 1:1 basis (plus a [buffer](/ondo-global-markets/trust-and-transparency#how-do-i-know-my-funds-and-assets-are-protected)) by the corresponding underlying securities held via a regulated custodial broker-dealer (and cash in transit). The [Security Agent](/ondo-global-markets/trust-and-transparency#who-is-the-ankura-trust-company) holds a first-priority [security interest](/ondo-global-markets/trust-and-transparency#how-do-i-know-my-funds-and-assets-are-protected) in these underlying securities for the benefit of tokenholders.
### Does this mean the tokenholder does not actually own the underlying asset?
Ondo tokenized stocks are backed by specific assets that the Issuer holds through a regulated custodial broker-dealer, with safeguards in place to protect tokenholders' claims. Like with brokerage accounts, you will not see your name on the share register for the underlying assets — they are held in the name of, or for the benefit of, the Issuer. In a traditional brokerage account, you might still be considered the beneficial owner with certain rights, such as receiving dividends, voting on corporate matters, and accessing shareholder communications. Ondo tokenized stocks are different: while you have the right to redeem your tokens for the then-value of the underlying assets, and while you benefit from a first-priority perfected [security interest](/ondo-global-markets/trust-and-transparency#how-do-i-know-my-funds-and-assets-are-protected) in those assets, you do not have shareholder voting rights, shareholder information rights or other shareholder rights from the issuer of the underlying securities.
Whether tokenholders might be considered the beneficial owner of the underlying assets for purposes such as reduced withholding tax rates depends on their particular situation and local laws, and they should consult their own tax advisor.
### How do you structure Ondo tokenized stocks and their offering to satisfy legal/compliance requirements?
Ondo Global Markets (BVI) Limited ("OGM") structures its tokenized stock offerings to comply with applicable securities, AML/CFT, and other regulatory requirements in the jurisdictions in which it operates. OGM only offers and sells the tokens in reliance on the exemption provided by Regulation S under the US Securities Act of 1933, as amended. To that end, OGM offers and sells the tokens only to persons who are (i) located outside the United States, (ii) not "US persons" as defined in Rule 902 of Regulation S, (iii) not acting for the account or benefit of any US person, and (iv) not originating a buy order in the United States. Tokens may not be resold to any US person or into the United States unless pursuant to an effective registration statement or a valid exemption from registration and in compliance with the OGM Sales Terms (which you will receive a copy of once you successfully complete KYC onboarding).
OGM also imposes [jurisdictional and eligibility restrictions](/ondo-global-markets/eligibility) to comply with sanctions, anti-money laundering, counter financing of terrorism, securities and other laws in the United States and other jurisdictions. OGM also takes technical and operational measures to achieve compliance requirements and best practices. For example, persons who purchase tokens from OGM or redeem tokens to OGM must first successfully complete OGM's onboarding process, which includes know-your-customer (KYC) review; and OGM employs technical tools for wallet and transaction screening.
### Who owns Ondo Global Markets (BVI) Limited?
Ondo Global Markets (BVI) Limited, the issuer of Ondo tokenized stocks, is 90.01% owned by Flux Finance Inc. (a wholly owned subsidiary of the Ondo Foundation) and 9.99% owned by Ondo Finance Inc.
# Market Hours & Trading Availability
Source: https://docs.ondo.finance/ondo-global-markets/market-hours-and-trading-availability
### When is the Global Markets platform open for buying and selling?
The platform is generally available for trading from 8:05:00pm ET (New York time) Sunday evening through 7:59:00pm ET Friday evening whenever [US markets are open](https://www.nyse.com/markets/hours-calendars). Specifically, trading is available during the following times:
* 4:01:00am ET - 9:29:00am ET (Pre-Market)
* 9:31:00am ET - 3:59:00pm ET (Core Session)
* 4:01:00pm ET - 7:59:00pm ET (Post-Market)
* 8:05:00pm ET - 3:55:00am ET (Overnight)
That said, there are some times when specific assets (and/or the platform generally) may not be available for trading. For example, there may be 1-5 minute pauses. Read the rest of this section to find out more. You can always check the exact status of what is and isn't trading on our status page, [status.ondo.finance](https://status.ondo.finance)
### Why are there small periods of time when trading is not available?
Tokens are generally available to trade during the same hours as the underlying assets trade on traditional exchanges. Stocks and ETFs that trade on the NYSE and NASDAQ typically trade during the following trading sessions:
* 4:00:00am ET - 9:29:59am ET (Pre-Market)
* 9:30:00am ET - 3:59:59pm ET (Core Trading Session)
* 4:00:00pm ET - 7:59:59pm ET (Post-Market)
In addition, over the past few years there has been growth in an overnight trading session that runs from 8:00:00pm - 3:59:59am ET (Overnight) that occurs on an Alternative Trading System (ATS) called Blue Ocean (we — like many other providers of 24/5 trading — leverage this platform to enable trading to occur 24 hours a day, 5 days a week.)
For platform and security reasons, we may temporarily halt trading a few minutes before and after a new session in the underlying trading venue begins.
### Does it make any difference to me during which trading session I buy or sell tokens via the platform?
For most users, the answer is likely to be no. That said, there are some small caveats when trading during the overnight session:
* Because in general the liquidity in the overnight session is lower than during the other sessions, you may need to break larger orders into multiple smaller ones. In addition, the bid-ask spread can be wider, which can result in slightly worse pricing.
* Also because of this, the largest order / trade size you can place during the overnight session may be smaller than during the other sessions.
### Are all tokenized stocks always available to trade during market hours?
In general, yes, but there are exceptions. See the next question.
### Under what conditions is trading halted?
**All Assets**
* Outside of [trading hours](/ondo-global-markets/market-hours-and-trading-availability#when-is-the-global-markets-platform-open-for-buying-and-selling)
* On all [NYSE Market Holidays](https://www.nyse.com/markets/hours-calendars)
* If certain proprietary platform-level risk control thresholds are met
* During scheduled or emergency platform maintenance
**Specific Assets**
* During corporate actions ([learn more](/ondo-global-markets/corporate-actions))
* If certain proprietary asset-level risk control thresholds are met
* During scheduled or emergency asset-level maintenance
*Note: You can always check platform- and asset-level trading availability at [status.ondo.finance](https://status.ondo.finance)*
# Onboarding & KYC
Source: https://docs.ondo.finance/ondo-global-markets/onboarding-and-kyc
This section outlines how onboarding works today and what to expect as we continue rolling out improvements over the coming weeks.
## Who can onboard today?
At present, onboarding is open to **institutional participants** only.
Onboarding for **retail users/individuals** will be available directly through our web app in the near future.
## What's involved in onboarding?
The onboarding process can be broken down into four steps:
1. Joining the waitlist
2. KYC/KYB
3. Document signing
4. Account provisioning and approval
### **Joining the waitlist**
Join the waitlist to start the onboarding process:
1. Log into your [Ondo account](https://ondo.finance/signin?destination=account)
2. Select **Onboarding** from the left-hand menu
3. Click **Join Waitlist** in the Ondo Global Markets information box
4. Follow the prompts to provide a few basic details and join the waitlist
After joining the waitlist, our onboarding team will contact you when it is your turn to start onboarding. Onboarding is currently only open to **institutional participants**, so they will be the first to be contacted to onboard, but retail users/individuals can also join the waitlist and will be contacted when the time comes to start their onboarding.
### **KYC/KYB**
When our onboarding team reaches out to you to start onboarding, they will provide you with a secure link to complete the KYB/KYC process via [Persona](https://withpersona.com/), our identity and compliance partner. This process will guide you through:
* Identity verification
* Entity details (if applicable)
* Required documentation
When you reach the end of the KYB/KYC process in Persona, it will advise you that your information has been submitted for review. There is nothing more for you to do at this stage, as your application will now be reviewed by our team. We generally aim to review all materials within 3-4 Business Days. However, during periods of high demand we may take substantially longer. Either way, you will receive an email when your materials have been reviewed.
We are continuously improving this experience and will soon offer onboarding directly through our web app.
#### What information is required for KYC/KYB?
Please note that the above lists are not exhaustive, and additional required information may be required during the KYC/KYB process.
After your application has been reviewed, additional information and/or documents may be required. When possible, we'll send a single consolidated request for all additional materials.
#### What documents are required for onboarding?
**Entities:**
* Article of Existence Document Type (e.g. Certificate of Incorporation, Certificate of Formation, Certificate of Registration or licensing)
* Entity Proof of Address dated within the last 90 days
* correspondence from a central or local government department or agency
* bank statement
* utility bill
* lease or mortgage statement
* Entity Tax Self-Certification Form
* A link to this form is provided within the KYB flow
**Individuals:**
* Proof of address
* Government ID
After your application has been reviewed, additional information and/or documents may be required. When possible, we'll send a single consolidated request for all additional materials.
### Signing Agreements
After KYC/KYB has been approved, we will send the **Sales Terms** and **Subscription Form** for digital signing via trusted e-signature platform [HelloSign](https://www.hellosign.com/) (AKA Dropbox Sign). In the near future, this process will be even more seamless, with simple electronic agreement acceptance handled directly within the onboarding process.
Regardless of the format, we'll ensure the signing process is clear and straightforward.
### Account provisioning and approval
Once KYC/KYB has been successfully completed and the required agreements have been signed, we will allowlist your wallet address(es) for GM tokens and approve your account.
### How can I receive assistance with the onboarding process?
**If you are currently in the process of onboarding** and have questions or require assistance, please contact us at [onboarding@ondo.finance](mailto:onboarding@ondo.finance), and our onboarding team will be happy to assist you.
**For general onboarding questions**, please contact us at [support@ondo.finance](mailto:support@ondo.finance).
# Overview
Source: https://docs.ondo.finance/ondo-global-markets/overview
Entities:
- Legal name of entity
- Business name of entity (DBA or trading name if different)
- Country/territory of incorporation
-
Addresses:
- Principal place of business
- Registered office address (if different)
- Mailing address (if different)
- Official identification number
- Wallet address(es)
Individuals:
- Legal name
- Birth date
- Country of citizenship and country of residence
-
Addresses:
- Residential address
- Mailing address (if different)
- Tax ID number
- Wallet address(es)
This overview, along with all docs associated with Ondo Global Markets (Ondo GM) or Ondo GM tokenized stocks located at [https://docs.ondo.finance/](https://docs.ondo.finance/), are provided for informational purposes only. Each Ondo tokenized stock is issued pursuant to a prospectus as well as additional offering documentation, which can be accessed by qualified purchasers at the applicable webpage for each such asset.
### What is Ondo Global Markets?
Ondo GM is a tokenization platform designed to provide onchain exposure to publicly traded securities. The platform will enable investors [outside the US](/ondo-global-markets/eligibility) to gain exposure to thousands of US publicly traded securities, including stocks and ETFs. By providing tokenized exposure to these assets, Ondo Global Markets brings the transparency, efficiency, and accessibility enabled by blockchain technology to institutional-grade finance. Through its APIs and SDKs, the platform also empowers third-party developers to build innovative financial applications, making it a cornerstone for the next generation of financial services.
### What are Ondo tokenized stocks?
Ondo tokenized stocks (when we say 'stocks' we are also referring to ETFs and other publicly traded securities, for convenience), including USDY, are tokens issued by the Ondo Global Markets platform. They are designed to give holders the same economic exposure as they would receive if they owned the underlying asset and invested dividends back into the stock (net of [withholding tax](/ondo-global-markets/fees-and-taxes#how-are-ondo-tokenized-stocks-taxed)). They are designated by the `on` suffix. For example, the stock ticker for Tesla is `TSLA`, therefore the corresponding Ondo tokenized stock is called `TSLAon` . You can think of the `on` suffix as standing for onchain or Ondo—whichever you prefer.
Ondo tokenized stocks are offered by Ondo Global Markets (BVI) Limited (the Issuer). Ondo supports the Issuer, including by powering the Ondo Global Markets platform. For further information, please see the offering documents associated with Ondo tokenized stocks.
### What are the most important things I should know?
* **Ondo tokenized stocks are designed differently than many other tokenized stocks.** They are designed to be as liquid as the underlying assets, minimizing slippage and price deviation from the underlying assets they represent. [Learn more](/ondo-global-markets/comparison-to-other-tokenized-stocks).
* **One token does not necessarily represent the value of one share, and the price of one token will not always match the price of the underlying asset.** Ondo tokenized stocks are *fully backed* with the underlying asset (together with any cash in transit), but they are what is known as *total return trackers;* they are meant to provide tokenholders with the same economics as holding the underlying asset *and* investing any dividends back into the stock (net of [withholding taxes](/ondo-global-markets/fees-and-taxes#how-are-ondo-tokenized-stocks-taxed)). Therefore, over time, a given token may provide economic exposure to *more than* one share, and the price of the token and the underlying stock are likely to diverge. [Learn more](/ondo-global-markets/token-and-quote-pricing#how-is-the-price-of-an-ondo-tokenized-stock-determined)
* **Solana and BNB Chain:** On Solana and BNB Chain, wallets and explorers that have integrated Scaled UI will display Ondo tokenized stock prices and balances that are intended to more closely match the underlying asset's price and units. Wallets and explorers that have not integrated Scaled UI will display balances and prices similar to the Ethereum total-return-tracker presentation. This only affects the way in which the prices and balances are displayed; the economic exposure is the same. These display differences do not affect your underlying token holdings; all assets remain the same regardless of the method of display.
* **They generally trade 24/5, but there are exceptions.** There can be short pauses in trading between trading sessions, during corporate actions (like dividends and stock splits), if certain platform risk limits are hit, etc. You can always see the latest status at [status.ondo.finance](https://status.ondo.finance). [Learn More](/ondo-global-markets/market-hours-and-trading-availability)
* **There are no mint or burn fees.** When you buy or sell an Ondo tokenized stock, the quoted price is the price you will pay (or receive), though this may differ slightly from the price at which we buy (or sell) the underlying. [Learn more](/ondo-global-markets/fees-and-taxes)
* **Minting and burning are instant.** When you buy or sell Ondo tokenized stocks, you get your tokens or stablecoins in a single atomic transaction. [Learn more](/ondo-global-markets/investing-and-redeeming#what-forms-of-payment-can-i-use-to-purchase-ondo-tokenized-stocks)
* **You can buy fractional tokens.** You do not need to purchase full tokens.
* **They are currently available on Ethereum, BNB Chain, and Solana, and transferable to HyperEVM via bridge.** Other chains are coming soon.
* **There are currently 100+ assets available, but more are coming soon.** The Ondo Global Markets platform is designed to be highly scalable. In the coming months expect many more assets to come online. [Learn More](/ondo-global-markets/available-assets)
* **They are designed to give you economic exposure to the underlying asset, not direct title to them.** While you can redeem your Tokens for cash or stablecoins for the then-value of the underlying assets, you do not receive shareholder voting rights, statutory information rights or other shareholder rights from the issuer of those securities. [Learn more](/ondo-global-markets/legal-and-regulatory#does-this-mean-the-tokenholder-does-not-actually-own-the-underlying-asset)
* **They are generally available to non-US investors.** Subject to certain jurisdictional and other restrictions. [Learn more](/ondo-global-markets/eligibility)
* **They are transferrable and DeFi compatible.** Ondo tokenized stocks are designed to be usable in DeFi protocols that support them. For example, they could be used as collateral for lending or in perps protocols.
* **They are being launched with an ecosystem of partners.** Ondo tokenized stocks are being launched in partnership with many participants of the Ondo Ecosystem, including Bitget, Trust Wallet, OKX, HTX Global, 1inch, CoW Protocol, Ledger, BitGo, CoinGecko, Morpho, Gauntlet, Alpaca Markets, and others.
* **To buy or sell them directly from the platform, you must complete the Ondo Global Markets know-your-customer (KYC) onboarding process.** Currently, onboarding is only open to institutional participants; onboarding for retail users and individuals is coming soon. [Learn more](/ondo-global-markets/onboarding-and-kyc)
* **They are designed with best-in-class investor protections.** Ondo tokenized stocks offer a bankruptcy-remote legal structure using a special purpose vehicle with at least one independent director, full asset backing with overcollateralization, a first-priority security interest held by a third-party security agent, daily attestations of assets held at regulated US entities, rigorously audited smart contracts, and transparent reporting via daily updates, monthly reconciliations, and annual audits. [Learn more](/ondo-global-markets/trust-and-transparency)
# Partners & Media
Source: https://docs.ondo.finance/ondo-global-markets/partners-and-media
### My company is an asset manager for clients. Can we partner with you to offer Ondo tokenized stocks to our clients through our own platform?
Please contact us at [support@ondo.finance](mailto:support@ondo.finance).
### I want to reference Ondo in my tweet, blog post, or article. Do you have a logo or media kit I can use?
Yes, see our [Media Kit](https://www.notion.so/Ondo-Media-Kit-3bc0a5aced014cc4b0ef62f1638bbf8e?pvs=21).
### I'd like to interview folks from Ondo. Who should I contact?
Please contact us at [support@ondo.finance](mailto:support@ondo.finance).
# Secondary Market Restrictions
Source: https://docs.ondo.finance/ondo-global-markets/secondary-market-restrictions
Tokens may, in accordance with relevant applicable law, become listed on or acquired through one or more secondary markets. The Issuer does not guarantee that any secondary market exists or will exist for the Tokens, nor that such secondary markets will be available at any particular time. There is no guarantee that sufficient liquidity will be available to facilitate secondary markets in any particular Token. The Issuer also makes no representation as to the price of any Token on any secondary market; the price at which a Token may be issued at may not necessarily reflect the secondary market price of such Token. Each Token holder will assume and be solely responsible for all taxes of any jurisdiction related to their purchase, acquisition, sale or possession of any Tokens, and are advised to consult their tax advisors as to their specific consequences.
Each person who acquires Tokens on any secondary market will be deemed, by such acquisition, to have represented that: (a) they have received and acknowledged the disclaimers and warnings set out herein; (b) they understand the risks associated with each such disclaimer and warning; (c) that they are not then prohibited from acquiring Tokens, as described from time to time at [docs.ondo.finance/ondo-global-markets/eligibility](/ondo-global-markets/eligibility) (such prohibited persons, "Prohibited Persons"); (d) that the Tokens are suitable for them; and (e) that they wish to acquire Tokens issued by the Issuer.
For the avoidance of doubt, Prohibited Persons shall have no rights under any Offering Documents associated with the Tokens, and neither the Issuer, its respective directors, officers, employees, consultants, agents, representatives, shareholders, vendors or any third parties identified in the Offering Documents as being associated with any Tokens or Token offering, shall have any liability whatsoever to any Prohibited Persons.
As a condition to redeeming any of its Tokens, a Token holder must satisfy the Issuer's customer due diligence, or "know your customer", requirements. In the event of a redemption, the Issuer may refuse any redemption to a holder of any securities if the Issuer suspects or is advised that the redemption may be non-compliant with applicable laws, rules or regulations, or if such refusal is considered necessary or appropriate to ensure the compliance by the Issuer with any of its policies, procedures, practices or internal controls or any applicable laws, rules or regulations. Accordingly, there is a risk that a person acquiring Tokens on secondary markets will not meet such due diligence requirements and therefore may not be able to redeem any or all of its Tokens. Further, any delay, failure or violation could adversely affect the timing and number of payments by the Issuer to the holders of the securities.
Each person who acquires Tokens on the secondary market, by acquiring such Tokens, appoints Ankura Trust Company, LLC as the Security Agent. The Security Agent will hold the security interests in respect of any collateral related to the Tokens for the benefit of those parties possessing a security interest of the Issuer, and will be responsible for enforcing such security interests (as set forth in the Offering Documents) and causing payments to be made out of proceeds from any repossessed collateral in accordance with the Offering Documents.
Notices to acquirors of Tokens offered on blockchain platforms and other secondary markets will be published at [ondo.finance/global-markets](https://ondo.finance/global-markets). They will only be published in the English language. It is presumed that notices published on the aforementioned website of the Issuer have been sufficiently brought to the attention and knowledge of secondary market acquirors of Tokens.
Consistent with with the Offering Documents, acquirors of Tokens on any secondary market acknowledge that the Issuer bears no liability whatsoever to holders of Tokens other than to carry out redemptions (for which "know your customer" diligence is a condition precedent) or as otherwise expressly set forth in the Sales Terms of the Issuer. Without limiting the foregoing the Issuer shall not have any responsibility to the extent permitted by law for any errors or omissions in the calculation of any amount or with respect to any other determination or decisions required to be made under any Offering Document or otherwise with respect to the Tokens. The Issuer shall not be liable for any extraordinary event outside of its direct control. Any such extraordinary event may reduce the redemption amount owed to Token holders, as determined by the Issuer. In no event shall the Issuer have any liability for indirect, incidental, consequential or other damages (even if it was advised of the possibility of such damages) other than interest until the date of payment on sums not paid when due in respect of any Tokens. Token holders are entitled to damages only (if any) and are not entitled to the remedy of specific performance in respect of any Token.
Consistent with the Offering Documents, to the fullest extent permitted by applicable laws, rules and regulations, any amounts due from the Issuer to any purchaser shall be equal to the lesser of the principal amount of the Issuer's obligations under the Offering Documents and the actual amount received or recovered by or for the account of the Issuer in respect of any collateral relating to the Tokens, less any sums which the Issuer is or may be obligated to pay to any person in priority to such Purchaser. All payments to be made by the Issuer under the Offering Documents shall only be satisfied by recourse to the sums received or recovered by or on behalf of the Issuer in respect of any collateral relating to the Tokens. Purchasers shall have no further recourse to the Issuer. No purchaser of Tokens may institute against, or join any person in instituting against, the Issuer any bankruptcy, winding-up, examination, re-organisation, arrangement, insolvency or liquidation proceedings (except for as permitted pursuant to the terms of the Offering Documents) or other proceeding under any similar law for so long as any Tokens are outstanding or until one year plus one day has elapsed since the last day on which the Tokens were outstanding, without prejudice to any enforcement or realisation of the security interests in respect of any collateral relating to the Tokens, save lodging a claim in the liquidation of the Issuer which is initiated by another party or taking proceedings to obtain a declaration or judgment as to the obligations of the Issuer. No purchaser shall have any recourse to any director, officer or employee of the Issuer or any of its Affiliates or any of their respective assets.
Consistent with the Offering Documents, to the fullest extent permitted by applicable laws, purchasers of Tokens on any secondary market acknowledge that any dispute, controversy, or claim arising out of, or in relation to, the Tokens involving the Issuer (whether arising under contract law, tort law or otherwise), including without limitation regarding invalidity, breach, and/or termination thereof, and in relation with the Tokens, shall be resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Arbitration Centre in force on the date on which the "Note of Arbitration" is submitted as defined and in accordance with those rules. The number of arbitrations shall be one or three. The seat of the arbitration shall be Zurich, Switzerland. The arbitral proceedings shall be conducted in English.
# Technical
Source: https://docs.ondo.finance/ondo-global-markets/technical
### On which chains is Global Markets available?
Global Markets is available on Ethereum mainnet, BNB Chain, and Solana, with more chains coming soon. GM tokens can also be bridged to HyperEVM.
### Are the Global Markets smart contracts audited?
Yes. You can see the results of our audits [here](/audits).
# Token & Quote Pricing
Source: https://docs.ondo.finance/ondo-global-markets/token-and-quote-pricing
### How is the price of an Ondo tokenized stock determined?
Ondo tokenized stocks are designed to be *total-return trackers* of their underlying securities. This means they reflect both price movements *and* reinvested dividends and/or interest, giving users exposure to the economic performance of the real stock over time—not just the price appreciation.
When you hold an Ondo tokenized stock, you receive similar economic exposure to what you would get if you owned the actual underlying stock and invested its dividends (net of any applicable [withholding taxes](/ondo-global-markets/fees-and-taxes#how-are-ondo-tokenized-stocks-taxed)) into the stock. This ensures that the tokenized asset mirrors the total return of the real-world asset.
On Solana and BNB Chain, wallets and explorers that have integrated Scaled UI will display Ondo tokenized stock prices and balances that are intended to more closely match the underlying asset's price and units. Wallets and explorers that have not integrated Scaled UI will display balances and prices similar to the Ethereum total-return-tracker presentation. This only affects the way in which the prices and balances are displayed; the economic exposure is the same. These display differences do not affect your underlying token holdings; all assets remain the same regardless of the method of display.
For more on how corporate actions are handled, read more [here](/ondo-global-markets/corporate-actions).
### Can you give me an example?
Let's take a sample stock, ACME, and its corresponding Ondo tokenized stock, ACMEon. At launch, assume they both start at \$100 and that you buy one ACMEon token. If the ACME stock goes up by \$5 to \$105, the ACMEon stock should as well. Similarly, if the stock goes back down \$100, the same should be true for the token.
Now let's assume—again, for a simplified example—that ACME stock declares a dividend of \$10 per share. On the ex-dividend date (i.e. the cutoff date on or after which whoever acquires the stock is no longer eligible to receive the dividend), we update the price of the token to account for the fact that we're going to receive that dividend (net of applicable withholding taxes) and invest that money to purchase additional shares of ACME.
In this case, for ease of math let's assume the withholding tax was 50%. This means that we'd receive \$10\*(1-50%) = \$5 from the dividend. If we assume the price of ACME at the time was still \$100, that means we would buy \$5/\$100 = 0.05 additional shares of ACME stock. This means that, from now on (at least until the next dividend or corporate action), a single ACMEon token now actually represents the economics of 1.05 shares of ACME stock. Therefore, if the price of ACME stock was to go from \$100 to \$110 again, the price of the token would go from 1.05 shares \* \$100/share = \$105 to 1.05 \* \$110/share = \$115.50.
You can see this "shares per token" for each asset in our web app at [app.ondo.finance](https://app.ondo.finance).
This means that, over time, **the price of the tokenized stock will not match the price of the underlying asset**. Instead, the price of the token will more closely reflect the same economic value that you would have if you had directly invested in the underlying stock *and* reinvested dividends back into the stock (net of any applicable withholding tax).
On Solana and BNB Chain, GM tokens support Scaled UI, a display standard that wallets and explorers can integrate. Scaled UI adjusts how your balance is displayed so that the token price shown matches the underlying stock price.
Using our ACME example above:
| | Standard Display | Scaled UI Display |
| ----------- | ---------------- | ----------------- |
| Balance | 1 token | 1.05 tokens |
| Token Price | \$105 | \$100 |
| Total Value | \$105 | \$105 |
With Scaled UI, instead of holding 1 token priced above the stock price, you see a balance of 1.05 tokens priced at the stock price. The economic exposure is identical—only the display changes.
This makes it easier to verify token prices against live market data for the underlying stock. The shares per token multiplier used for this conversion is published on-chain and can be viewed for each asset at app.ondo.finance.
\[*Technical Note:* In the above example we assumed that the price of ACME stock on the ex-dividend date remained at \$100. In reality if the dividend was \$5, in most cases the price of the ACME stock would *drop* by \$5 to \$95 on the ex-dividend date. (Why? Think about it: say someone offered you a stock for \$100 today that would pay you \$5 tomorrow. If they suddenly told you that you weren't going to get the \$5 tomorrow, wouldn't you want to pay \$5 less?). So the price of the stock is now \$95. In our approach, our system effectively takes the \$5 we expect from the dividend and buys \$5/\$95 = 0.05263158 more shares, so the number of shares backing each token goes from 1 to 1.05263158, so the price of the token remains at 1.05263158 \* \$95 = \$100. In other words, the price of the token remains the same, but the number of shares represented by each token increases.]
### What is a total-return tracker?
Total-return trackers are financial assets that are designed to mirror the complete performance of an index or asset. Unlike *price* return trackers, which only capture an asset's market value changes, *total* return trackers account for all cash flows—dividends, interest, or capital gains distributions—assuming these are reinvested to compound returns (net of applicable withholding taxes).
A total-return tracker includes:
* Price movements – gains or losses in the asset's market value
* Income distributions – such as dividends (for stocks) or interest (for bonds)
* Corporate actions – like mergers that may affect total value ([learn more](/ondo-global-markets/corporate-actions))
By capturing both capital gains and income, total-return trackers offer a more comprehensive reflection of an asset's performance than price-only trackers.
### When I am actually buying or selling an Ondo tokenized stock, the price seems to be slightly different from the main price listed? Why?
Answering this requires a little bit more explanation about how our Global Markets platform works.
Let's say you're trying to buy Ondo tokenized Tesla, or TSLAon. What you really want to know is "at what price will you (the Global Markets platform) sell me (the investor) X number of TSLAon tokens?" As you might imagine, the answer to that is tied to a very similar question: "at what price will someone (in the traditional market) sell *us* X number of TSLA *shares*?"
So when you indicate that you want to be X number of TSLAon tokens, we provide you a quote for a price that's guaranteed for some amount of time (currently about 30 seconds). To generate that quote, the Global Markets platform automatically looks at existing inventory, market conditions, and other factors and then does a little bit of (proprietary) math to figure out what an appropriate quote price should be for that order.
Even on a traditional exchange, the *bid* price (i.e. what someone is willing to pay to *b*uy a stock) is always lower than the *ask* price (i.e. what someone is asking to receive if they sell a stock). \[Why? If someone was willing to pay \$100 (the bid) for a stock and someone else was willing to sell for \$99 (the ask), then the deal would have already been done!]. The "main" price that is displayed is usually just the midpoint of those two numbers at the top of the order book.
For Ondo tokenized stocks, the "main" price you see for a given token is our estimate of that midpoint price of the underlying stock multiplied by the number of [shares per token](/ondo-global-markets/token-and-quote-pricing#can-you-give-me-an-example), whereas the 'quote price' you receive when actually buying or selling tokens is the result of our proprietary method for determining at what price we can guarantee we can buy or sell that number of tokens. Those numbers should never be *too* different from one another, but that's where the discrepancy comes from.
(Please note that if you are buying an Ondo tokenized stock on the secondary market, whomever you are transacting with may be charging their own fees. You are also responsible for your own gas costs.)
### How do you determine the spread to apply on a quote?
This is based upon a number of factors, including quote size, target profit, and several other proprietary considerations.
# Transferability
Source: https://docs.ondo.finance/ondo-global-markets/transferability
### Are Ondo stock tokens transferable?
Yes. All Ondo stocks are **transferable outside the US** across supported blockchains like [Ethereum](https://ethereum.org/), [BNB Chain](https://www.bnbchain.org/), [Solana](https://solana.com/), and [HyperEVM](https://hyperliquid.xyz/) (with other chains coming soon), subject to [certain jurisdictional and other restrictions](/ondo-global-markets/eligibility).
# Troubleshooting
Source: https://docs.ondo.finance/ondo-global-markets/troubleshooting
### I'm trying to buy or sell a tokenized stock and it keeps failing. What should I do?
If you're having trouble buying or selling Global Markets tokens, please first check [status.ondo.finance](https://status.ondo.finance) to ensure that the platform is operating correctly, that markets are open, and that the token you are trying to buy or sell is currently trading. If you are still having issues, you can contact us at [support@ondo.finance](mailto:support@ondo.finance)
Our system also has certain risk parameters or rate limits. You may want to wait a few minutes and try again or try a smaller order size.
**Please note that we may only be able to support users trying to mint or redeem tokens via our API or web app directly.** If you are trying to buy or sell Ondo tokenized stocks on the secondary market, please contact the market directly.
### The price of my token doesn't match the price of the underlying asset. Why not?
This is to be expected over time. Ondo Global Markets tokens are 'total return' trackers, so token prices will often not match the underlying asset. [Read more about this here](/ondo-global-markets/token-and-quote-pricing#how-is-the-price-of-an-ondo-tokenized-stock-determined).
On Solana and BNB Chain, wallets and explorers that have integrated Scaled UI will display Ondo tokenized stock prices and balances that are intended to more closely match the underlying asset's price and units. Wallets and explorers that have not integrated Scaled UI will display balances and prices similar to the Ethereum total-return-tracker presentation. This only affects the way in which the prices and balances are displayed; the economic exposure is the same. These display differences do not affect your underlying token holdings; all assets remain the same regardless of the method of display.
### When I am actually buying or selling an Ondo tokenized stock, the price seems to be slightly different from the main price listed? Why?
See [this](/ondo-global-markets/token-and-quote-pricing#when-i-am-actually-buying-or-selling-an-ondo-tokenized-stock-the-price-seems-to-be-slightly-different-from-the-main-price-listed-why).
### Why does my wallet show a simulation warning or failure when I try to buy GM tokens?
When purchasing GM tokens through certain Solana applications, your wallet may display a simulation warning such as "Simulation failed" or "This transaction reverted during simulation."
This is expected behavior and does not indicate a problem with the transaction.
* **Why does this happen?**
GM tokens use a just-in-time (JIT) minting model. When you buy a GM token, the tokens are minted at the exact moment your swap executes—they don't exist beforehand. Because your wallet simulates transactions before execution, it cannot predict the balance changes for tokens that haven't been minted yet. This causes the simulation to fail even though the actual transaction will succeed.
* **Is it safe to proceed?**
Yes, provided you verify the transaction details before approving:
* Confirm you are swapping the intended USDC amount
* Confirm you are sending or receiving the correct GM token (e.g., AAPLon, TSLAon)
* Confirm the transaction originates from the application you are using
### I'm still having trouble. Who should I contact?
If you are interacting directly via our API or web app, please contact us at [support@ondo.finance](mailto:support@ondo.finance). If you are transacting on the secondary market, please contact that party directly.
# Trust & Transparency
Source: https://docs.ondo.finance/ondo-global-markets/trust-and-transparency
### How do I know my funds and assets are protected?
*Bankruptcy-Remote Legal Structure*
Ondo tokenized stocks are issued using battle-tested practices designed to maximize bankruptcy remoteness. This includes issuance from a special purpose vehicle managed by a distinct Board of Directors with an independent director, as well as segregation of assets, books and accounts from Ondo Finance Inc. and the Ondo Foundation group. These measures help ensure that the tokens' backing assets remain protected, even in the unlikely event of a bankruptcy or insolvency.
*Full Asset Backing and Security Interest*
Ondo tokenized stocks are all fully backed by their underlying stocks and ETFs (together with cash in transit). Further, the issuer of Ondo tokenized stocks is required to ensure that there is additional collateral available—above and beyond this full backing—at all times to overcollateralize its obligations to tokenholders.
Tokenholder interests are further supported via an independent third-party security agent, Ankura Trust Company, which holds a first-priority, perfected security interest in this collateral, and is authorized and empowered to take possession of this collateral, exchange it for cash, and distribute the proceeds to tokenholders in specified events of issuer default. For example, if for some reason the issuer were unable to adequately service token redemption requests, or were unable to adequately maintain the full backing of the tokens, the requisite tokenholders could direct the security agent to take possession of this collateral, exchange it for cash, and distribute the proceeds to tokenholders as described above.
*Transparent Holdings with Regulated Custodians*
Ondo Global Markets provides daily attestations of Ondo tokenized stocks holdings, conducted by an independent third-party verification agent, Ankura Trust Company. The daily attestations can be viewed online beginning October 1, 2025. All Ondo Global Markets holdings are held with one or more US-registered custodial broker-dealers.
*Smart Contract Security*
Ondo tokenized stock smart contracts have been rigorously tested and have undergone independent audits by Spearbit and Cyfrin to ensure code integrity and protocol safety. More details can be found [here](/audits).
*Contractually Obligated Insurance Fund*
In addition to the above, the Ondo Foundation (via Flux Finance, Inc., a wholly owned subsidiary of the Ondo Foundation, which is the majority owner of the issuer of Ondo tokenized stocks) has guaranteed funds to further collateralize Ondo Global Markets' obligations to tokenholders.
### What kind of reporting will you provide?
Transparency is central to Global Markets:
* **Daily Reports:** We will publish daily updates on the holdings and net asset value (NAV) of the Global Markets product. These reports are independently reviewed by Ankura Trust for accuracy and completeness. Reports will begin being available within 60 days and can be found in the Token Holder Protections section of any Global Markets Asset Product Detail page, i.e. [https://app.ondo.finance/assets/nvdaon](https://app.ondo.finance/assets/nvdaon)
* **Monthly Reconciliation:** Detailed reconciliation reports will be made public by the 20th of the following month, offering line-item clarity on holdings, fund flows, and account balances.
* **Annual Audits:** Full financial audits will be conducted annually by an independent audit firm and made available to investors.
### What happens if Ondo Finance files for bankruptcy?
Ondo Finance, Inc. serves as the technology and service provider to the Global Markets issuer but is structurally and legally separate from the issuer entity. In the unlikely event that Ondo Finance enters bankruptcy, Global Markets' structure is designed to prevent the issuer's assets from being affected. The issuer is bankruptcy-remote, with independent governance, separate accounts, and third-party oversight to protect investors.
### What is the legal structure behind Global Markets?
Ondo Global Markets (BVI) Limited is a dedicated special purpose vehicle (SPV), a wholly separate legal entity from Ondo Finance Inc. and the Ondo Foundation group. This SPV:
* Is governed by a Board of Directors that includes an independent director.
* Maintains full segregation of assets, accounting, and operations from Ondo Finance and the Ondo Foundation group.
* Has engaged Ondo Finance solely as a service provider for tokenization and general and administrative operations.
### Who is the Ankura Trust Company?
Ankura Trust Company serves as the Verification Agent and Security Agent for Global Markets. In these roles, Ankura:
* Reviews and verifies the existence and amounts of the underlying securities daily.
* Confirms reconciliation of investor liabilities and fund reserves.
* Holds a first-priority security interest in the underlying securities that serve as collateral for Ondo Global Markets' obligations to its tokenholders.
* Has legal authority to protect investor interests in the event of operational failure or insolvency, as defined by the governing control agreements.
# Ondo V1 — Vaults & LaaS
Source: https://docs.ondo.finance/ondo-v1-vaults-laas
Ondo launched in August 2021. Its first product was Ondo Vaults, a structured finance protocol on Ethereum. These vaults enabled investors to choose between enhanced returns or downside protection when providing liquidity to decentralized exchanges like Uniswap.
Later that year, Ondo launched Liquidity-as-a-Service (LaaS), an offering that helped token issuers ramp up liquidity on decentralized exchanges. LaaS paired stablecoin issuers with DAOs issuing governance tokens to bootstrap highly-liquid AMM trading pairs. Over ten leading protocols participated in the program, including Frax, Fei (Tribe), UMA, Synapse, and NEAR.
Between Community and LaaS Vaults, Ondo facilitated over \$210M in total liquidity provided (TLP).
As DeFi yields compressed in 2022, the Ondo team decided to sunset Vaults and LaaS (together, "Ondo V1") to focus on our next-generation protocols. Ondo V2, encompassing Ondo Funds and Flux Finance at launch, went live in January 2023.
The [legacy Ondo V1 website](https://v1.ondo.finance) is still available for users who haven't withdrawn funds.
# Flux Finance
Source: https://docs.ondo.finance/protocols/flux
A fork of Compound v2, Flux Finance is a protocol we developed as an onchain Treasury repo marketplace, allowing users to borrow and lend stablecoins backed by high quality collateral such as OUSG (Ondo's US-Treasuries-linked token). We have since sold the protocol to the Ondo Foundation.
Find out more at [https://fluxfinance.com](https://fluxfinance.com)
# Cash Management 101
Source: https://docs.ondo.finance/qualified-access-products/cash-management-101
## What is Cash Management?
When you oversee a lot of capital, how you allocate that capital matters. On the one hand, markets can be volatile, so stability and liquidity matters. On the other hand, keeping all your money in stablecoins isn't the best strategy either: inflation will eat away at your purchasing power, and even small returns on large sums of money can add up. Consider that earning 5% on \$10 million is \$500K. That's enough to extend the runway of a small startup by several months. In this funding environment, that could be the difference between surviving… and not.
**Cash management is the practice of intelligently managing the above tension: stewarding financial resources to get the most out of your money while carefully controlling risk.** It's a common function at most mature organizations. Yet despite its particular importance given market conditions today, many crypto-centric organizations and individuals don't know that much about it. In this article we'll talk about what it is, why it's important, and how it works.
## The Basic Process
The process of cash management can be summarized in three key steps:
1. Forecast your cash flow and needs
2. Manage your liquidity to meet those needs
3. Revise and update continuously
Let's dive into each.
### 1. Forecast your cash flow and needs
The first step is to forecast your expected cash flows This means developing a forecast for expected (cash) income and expenses. The goal is to get visibility into how much cash you expect to have on hand, by month, for the next 18-24 months. This is your starting point.
A few pointers here. First, when making such estimates, be conservative. In other words, assume less money is coming in than you expect and more is going out. As part of this, we recommend building out various 'stress scenarios' that you could envision. What if revenue got cut in half? What if you lost your biggest customer? What if some major piece of equipment needed replacing? What if there was a lawsuit or a regulatory fine? Second, remember that what matters here is cash. This is not the place for accrual accounting. Finally, we recommend converting everything into a single base currency for the this purpose—keep it apples to apples whenever possible.
(Advanced Note: Consider also estimating the maximum \*intra-\*month cash drawdown that might be possible. For example, are any big loans coming due? This step is particularly important for financial organizations or protocols. For example, Maker has over \$3.5 *billion* in DAI outstanding that can be redeemed *at any time.* Maker therefore needs to be sure that, if that were to happen, they have adequate liquid reserves available to cover those redemptions.)
### 2. Manage your liquidity accordingly
Once you have an idea of how much cash you're likely to have at what points in time, it's time to start planning how you're going to manage it.
If your forecast shows you might temporarily be short on cash, you can look at ways of reducing expenses, changing vendor terms, or take out loans. If it shows you might completely run ***out*** of cash, then you should take the time to plan a financing, giving yourself ample time to get it closed.
On the other hand, if your forecast show you have excess cash, you'll want to consider how to best invest it.
When it comes cash management investments, you should prioritize the following, in this order:
* **Capital Preservation.** The number one priority is simple: don't lose money. This isn't the place for speculative bets.
* **Liquidity.** You want to be able to redeem your investments for cash fairly quickly.
* **Yield.** You want to have your money working for you to earn a return.
In practice, there's always some degree of trade-off between these three dimensions. For example, cash or (well-backed) stablecoins preserve your capital and are liquid by default, but are not going to earn you much. On the other end of the spectrum (though still within the cash management regime), investments in short-term US Treasury bonds and short-term investment grade corporate bonds generate significantly more yield than stablecoins but typically require a few days to get your cash, should you decide to sell, and may be more volatile than stablecoins so you don't want to be a forced seller in a downturn.
Common practice, then, is to think about dividing your cash needs into three buckets, according to how soon you think you'll need the cash. The sooner you need it, the more liquid and stable (and therefore, the less yielding) an asset you'll want to invest in.
For example, here are the types of assets we might recommend for both TradFi and onchain finance, according to how soon you think you might need access to your capital:
| How Soon You'll Need | TradFi |
| -------------------- | -------------------------------------------------------- |
| 0 - 3 Months | Cash |
| 3 - 12 Months | Money Market + Sweep Accounts + Short-Term US Treasuries |
| 12 Months+ | US Treasuries |
As you can see, in TradFi there are plenty of high-quality options.
It's for these reasons that Ondo has created our funds, making it possible for onchain investors to contribute USDC into high-quality, liquid, real world assets:
* OUSG, backed by short-term US Treasuries
These funds invest (outside of small cash holdings) into bond Exchange-Traded Funds (ETFs) or Money Market Funds (MMF) managed by the largest, most reputable asset managers in the world.
### 3. Revise and update continuously
Once you've built your cash flow forecasts and made your initial allocations, don't forget to actively monitor your cash position and periodically update your forecasts and allocations accordingly.
## Getting Started
The value of a strong cash management program should be obvious, but implementing such a process is a project of its own. In the TradFi world, this might include finding banking, investment, custody, accounting, and audit partners, as well as putting the necessary internal processes and controls in place. In the onchain world, the needs are similar, but with important differences. For example, you'll want to ensure you have a secure place to custody your coins. It's also often the case that DAOs need governance approval to implement a cash management program like this.
If you're new to the world of cash management or could use help setting up your cash management, program, Ondo does provide cash management advisory services for those managing treasuries of \$10 million or more. You can reach out to us [here](https://ondo.finance/contact) to learn more.
# Eligibility
Source: https://docs.ondo.finance/qualified-access-products/eligibility
To be eligible to invest in Ondo I LP shares, you must be both an **accredited investor** and a **qualified purchaser**. Below are the list of criteria you must meet for each designation. Note that while you only need to meet one (1) criteria under each designation in order to qualify, you must qualify for **both** designations to be eligible to invest.
Please note that while you must provide **evidence** that you meet the accredited investor criteria that you select, you must **self-attest** to whatever qualified purchaser criteria you meet.
Note that the most frequently chosen criteria start with the phrase **Common Choice:** in bold.
## Possible Accredited Investor Criteria
[Accredited Investor Definition](https://www.law.cornell.edu/cfr/text/17/230.501)
*Must meet at least one*
**Individuals:**
* **Common Choice:** natural person whose individual net worth, or joint net worth with that person's spouse (or spousal equivalent), at the time of purchase exceeds \$1,000,000. (For purposes of calculating net worth individuals should exclude the value of the primary residence and the related amount of indebtedness secured by the primary residence up to its fair market value. Indebtedness secured by the primary residence in excess of the value of the primary residence should be considered a liability and deducted from net worth. In addition, any increase in the amount of indebtedness secured by the primary residence in the sixty (60) days prior to making the investment must be treated as a liability.)
* **Common Choice:** natural person who had an individual income in excess of \$200,000 in each of the two most recent years or joint income with that person's spouse (or spousal equivalent) in excess of \$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.
* natural person holding in good standing with one or more of the following professional certifications or designations or other credentials: (i) Licensed General Securities Representative (Series 7); (ii) Licensed Private Securities Offerings Representative (Series 82); (iii) Licensed Investment Adviser Representative (Series 65); or (iv) any other professional certification or designation or other credential from an accredited educational institution that the SEC may, from time to time, designate as qualifying an individual for accredited investor status.
* natural person who is deemed to be a "knowledgeable employee" of the Fund, as such term is defined in Rule 3c-5(a)(4) of the Investment Company Act.
* director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer.
**Institutions:**
* (i) bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.
* (ii) broker or dealer registered pursuant to section 15 of the Securities Exchange Act.
* (iii) investment adviser registered pursuant to section 203 of the Investment Advisers Act or registered pursuant to the laws of a state.
* (iv) investment adviser relying on the exemption from registering with the SEC under section 203(l) or (m) of the Investment Advisers Act.
* (v) insurance company as defined in section 2(a)(13) of the Securities Act.
* (vi) investment company registered under the Investment Company Act or a business development company as defined in section 2(a)(48) of that act.
* (vii) Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act.
* (viii) Small Business Investment Company licensed by the US Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958.
* (ix) plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of \$5,000,000.
* (x) employee benefit plan within the meaning of ERISA if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of \$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.
* (xi) private business development company as defined in section 202(a)(22) of the Investment Advisers Act.
* (xii) organization described in section 501(c)(3) of the Code, corporation, Massachusetts or similar business trust, partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of \$5,000,000.
* **Common Choice:** (xiii) trust, with total assets in excess of \$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii).
* (xiv) entity in which all of the equity owners are accredited investors.
* **Common Choice:** (xv) entity, of a type not listed in paragraphs (i) to (xiv), not formed for the specific purpose of acquiring the securities offered, owning investments in excess of \$5,000,000.
* (xvi) "family office", as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act: (a) with assets under management in excess of \$5,000,000, (b) that is not formed for the specific purpose of acquiring the securities offered, and (c) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.
* (xvii) "family client", as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements in paragraph (xvi) above and whose prospective investment in the issuer is directed by such family office pursuant to paragraph (xvi)(c) above.
## Possible Qualified Purchaser Criteria
[Qualified Purchaser Definition](https://www.law.cornell.edu/uscode/text/15/80a-2#a_51)
[Definition of Investments for purposes of Qualified Purchaser Definition](https://www.law.cornell.edu/cfr/text/17/270.2a51-1)
*Must meet at least one*
* **Common Choice:** (i) natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under section 3(c)(7) of the Investment Company Act with that person's qualified purchaser spouse) who owns not less than \$5,000,000 in investments.
* (ii) company that owns not less than \$5,000,000 in investments, that was not formed for the specific purpose of investing in the Fund, and that is owned directly or indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons.
* (iii) trust that is not covered by clause (ii) and that was not formed for the specific purpose of investing in the Fund, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (i), (ii), or (iv).
* **Common Choice:** (iv) person or company that was not formed for the specific purpose of investing in the Fund, acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than \$25,000,000 in investments.
* (v) any qualified institutional buyer as defined in Rule 144A under the Securities Act, acting for its own account, the account of another qualified institutional buyer, or the account of a qualified purchaser, provided that (i) a dealer described in paragraph (a)(1)(ii) of Rule 144A shall own and invest on a discretionary basis at least \$25,000,000 in securities of issuers that are not affiliated persons of the dealer and (ii) a plan referred to in paragraph (a)(1)(D) or (a)(1)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(F) of Rule 144A that holds the assets of such a plan, will not be deemed to be acting for its own account if investment decisions with respect to the plan are made by the beneficiaries of the plan, except with respect to investment decisions made solely by the fiduciary, trustee or sponsor of such plan.
* (vi) any natural person who is deemed to be a "knowledgeable employee" of the Fund, as such term is defined in Rule 3c-5(a)(4) of the Investment Company Act.
* (vii) any person ("Transferee") who acquires Interests from a person ("Transferor") that is (or was) a qualified purchaser other than the Fund, provided that the Transferee is: (i) the estate of the Transferor; (ii) a person who acquires the Interests as a gift or bequest pursuant to an agreement relating to a legal separation or divorce; or (iii) a company established by the Transferor exclusively for the benefit of (or owned exclusively by) the Transferor and the persons specified in this paragraph.
* (viii) any company, if each beneficial owner of the company's securities is a qualified purchaser.
## Jurisdictional Restrictions
In addition the above criteria you (or your organization, depending upon who is investing) must NOT be located, organized, or a resident in any of the following locations:
* Albania
* Afghanistan
* Belarus
* Bosnia and Herzegovina
* Bulgaria
* Burma
* Central African Republic
* Croatia
* Cuba
* DRC
* Darfur Region of Sudan
* Ethiopia
* Iran
* Iraq
* Kosovo
* Lebanon
* Libya
* Mali
* Montenegro
* Nicaragua
* North Korea
* North Macedonia
* Romania
* Russia
* Serbia
* Slovenia
* Somalia
* South Korea
* South Sudan
* Syria
* Venezuela
* West Bank
* Ukraine: Crimea, Donetsk, Kherson, Luhansk, Zaporizhzhia, Sevastopol
* Yemen
# Minting & Redeeming
Source: https://docs.ondo.finance/qualified-access-products/minting-and-redeeming
### **What currency or stablecoins can I use to invest in your Qualified Access Funds?**
We currently support investing via USDC, PYUSD, RLUSD, or USD bank wire.
### **What currency or stablecoins can I redeem OUSG for?**
We currently support redeeming to USDC, PYUSD, RLUSD, or USD bank wire.
# Onboarding & KYC
Source: https://docs.ondo.finance/qualified-access-products/onboarding-and-kyc
### **What's involved in onboarding for your Qualified-Access Funds?**
The onboarding process can be broken into three steps: KYC, provision of account details, and document signing.
**KYC**
During the KYC process, you will first be asked to provide the following information:
**Entities:**
* Business Name
* Country of Registration
* Article of Existence (e.g. incorporation document)
* List of Directors/Officers
* Business ID number
* Business Address
* If applicable, beneficial owner(s) name, email, and photo ID
**Individuals:**
* Proof of Address
* Government ID
* Social Security or Tax ID Number (if applicable)
**Accredited Investor Evidence:**
* Accredited Investor evidence can be shown via a number of methods such as account statements or cryptocurrency wallets.
This information will be run against standard screening and sanctions lists, and all information will be further reviewed by our onboarding and compliance teams.
**Provision of Account Details**
Assuming your KYC profile is approved, you will need to provide us with the wallet address(es) that will hold our fund tokens. See [here](/qualified-access-products/ousg/investing#can-any-type-of-wallet-or-account-hold-ousg) for the types of wallets that we support.
**Document Signing**
Finally, you will be asked to review and sign our fund documents. (You may review those documents in advance [here](https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng?usp=sharing)).
# Eligibility & Onboarding
Source: https://docs.ondo.finance/qualified-access-products/ousg/eligibility-and-onboarding
### **Who can invest in OUSG? Who can redeem? Who can hold and/or transfer it?**
Only individuals who have onboarded to our [Qualified-Access Funds](/qualified-access-products/cash-management-101) can invest in, redeem, or transfer, or receive OUSG or any other Qualified-Access Product. The most common criteria are individuals with a net worth of over \$5M or organizations or entities with over \$25M in assets. [See all the ways you can qualify.](/qualified-access-products/eligibility)
If you do not meet the eligibility criteria for our Qualified-Access Funds, you may still be eligible for [Ondo Global Markets](https://ondo.finance/global-markets) - you can find out more about eligibility for Global Markets [here](/ondo-global-markets/eligibility). You may also want to consider [Flux Finance](https://fluxfinance.com/), a lending protocol we developed that allows you to lend permissionlessly against our other tokens.
### **What's involved in onboarding and KYC for OUSG?**
OUSG doesn't have it's own specific KYC and onboarding process. Instead, you would need to [onboard to our Qualified-Access Funds](/qualified-access-products/onboarding-and-kyc), which includes OUSG.
# Fees & Taxes
Source: https://docs.ondo.finance/qualified-access-products/ousg/fees-and-taxes
### What fees does OUSG charge?
Ondo charges a management fee of 0.15%, which we have waived until July 1, 2026. Fund expenses are capped at 0.15% per annum. Funds that OUSG itself invests in may also incur expenses, but those fees simply reduce the return the OUSG receives on those assets and are not charged to the Fund directly. Instant minting and redemption may incur additional fees; please see the [OUSG product page](https://ondo.finance/ousg) for the most up to date information.
### How is OUSG taxed?
For US federal income tax purposes, the fund is taxed as a partnership. As a result, the fund itself does not pay income taxes. Instead, the fund's profits, losses, deductions, and credits "pass through" to the individual partners, who report these on their personal tax returns. The fund will issue Schedule K-1 forms to each limited partner, detailing their share of income, interest, dividends, short-term capital gains or losses, long-term capital gains or losses, deductions, credits, and other tax items. Limited partners will use this information to report their share of the fund's activity on their individual tax returns. Limited partners may also be subject to state and local taxes based on the fund's activities and where the partners are located.
Disclaimer: Tax laws are complex and subject to change. Specific circumstances can significantly impact tax treatment. Always consult with a qualified tax professional for personalized advice regarding tax matters related to the fund and its investments.
### **Do you withhold taxes for OUSG?**
In general, because the fund is taxed as a partnership for US federal income tax purposes, the fund does not typically withhold taxes on behalf of its limited partners. However, the fund is required in specific circumstances to withhold taxes such as withholding obligations for foreign partners subject to withholding tax under certain conditions or limited partners that are subject to backup withholding. If a limited partner fails to provide a valid taxpayer identification number (e.g., a Social Security Number for individuals or an Employer Identification Number for entities), the fund might be required to withhold a specific percentage of that payment. Any payments withheld from limited partners are remitted to the relevant tax authority on behalf of the limited partner.
Disclaimer: Tax laws are complex and subject to change. Specific circumstances can significantly impact tax treatment. Always consult with a qualified tax professional for personalized advice regarding tax matters related to the fund and its investments.
# Important Notes
Source: https://docs.ondo.finance/qualified-access-products/ousg/important-notes
\[\*] OUSG tokens have not been registered under the US Securities Act of 1933, as amended (the "Act") or the securities or financial instrument laws of any other jurisdiction, and are available solely to persons who are accredited investors (as defined in Rule 501 of Regulation D under the Act) and qualified purchasers (as defined in Section 2(a)(51) of the US Investment Company Act of 1940, as amended (the "40 Act")). The issuer of OUSG is Ondo I LP, a Delaware (USA) limited partnership (the "Fund") is not registered as an investment company under the 40 Act or as an Alternative Investment Fund or Undertaking for Collective Investment in Transferable Securities in the European Economic Area, or under the securities or financial instrument laws of any other jurisdiction.
Ondo Finance Inc., a Delaware (USA) corporation, provides tokenization services to, and is also the sole member of both the general partner of the Fund and the investment adviser to the Fund, Ondo Capital Management LLC (the "Adviser"). The Adviser is a Registered Investment Adviser registered with the US Securities and Exchange Commission ("SEC"). The Adviser's current written disclosure statement (Form ADV Part 2A) discussing its advisory services and fees is available upon request or at the SEC's Investment Adviser Public Disclosure website ([www.adviserinfo.sec.gov](https://adviserinfo.sec.gov/)). Registration as an investment adviser does not imply a certain level of skill or training. The Adviser shall not be responsible for any errors or omissions, or for the results obtained from the use of the information provided by the Adviser, the Fund or any of their respective affiliates, control persons, agents or representatives.
The OUSG issuer, its affiliates, their respective shareholders and members, and their respective directors, officers, employees, consultants, agents and representatives (the "Ondo Persons") do not endorse, the Ondo Persons do not make any representation or warranty whatsoever (express or implied, including but not limited to any warranty of merchantability, fitness for a particular purpose, or non-infringement) regarding, and THE ONDO PERSONS SHALL NOT HAVE ANY LIABILITY WHATSOEVER WITH RESPECT TO ANYONE'S USE OF, any third-party products, services or technologies referenced herein.
Nothing herein constitutes any offer to sell, or any solicitation of an offer to buy, any assets. Nothing herein constitutes investment, legal, tax or financial advice. Acquiring tokens involves risks. A holder of tokens may incur losses, including total loss of their purchase price. Past performance may not be (and for the tokens will not be) an indication of future results. Investors are responsible for conducting their own research, investigation, verification, checks or consultation for professional or investment advice.
This communication may contain forward-looking statements, including, but not limited to, statements regarding future financial performance, business strategies, or expectations for Ondo Finance's growth and development. These statements are based on management's current expectations, estimates, projections, and beliefs, and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated. Forward-looking statements can be identified by the use of terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other similar expressions. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to, the following: economic, competitive, legal, governmental, and technological factors affecting Ondo Finance's operations, markets, products, services, and prices. Neither Ondo Finance nor any of their respective affiliates undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Additional terms and restrictions apply. See [docs.ondo.finance/legal/terms-of-service](/legal/terms-of-service), [docs.ondo.finance/qualified-access-products/ousg](/qualified-access-products/ousg/overview), [ondo.finance/ousg](https://ondo.finance/ousg), [app.ondo.finance](https://app.ondo.finance/) and (as applicable) the Token offering documents for details.
# Instant Minting and Redemption Limits
Source: https://docs.ondo.finance/qualified-access-products/ousg/instant-limits
Instant minting and instant redemption both have a transaction minimum of \$5,000. In addition, they both are subject to certain limitations, as detailed below.
### **Instant Minting**
Instant minting has a \$50M **Global Limit**. This is the total value of OUSG that can be instantly minted by all investors combined within 24 hours. This Global Limit resets every 24 hours.
There is also an **Individual Limit** of \$25M within 24 hours. This is the limit per investor, which also resets every 24 hours.
Please note that instant minting is constrained by whichever of these limits is lowest at the time. In other words, if the remaining Global Limit is less than your remaining Individual Limit, the maximum amount you could instantly mint at that time would be constrained by the remaining Global Limit. If the remaining Global Limit is more than your remaining Individual Limit, the maximum amount you could instantly mint at that time would be constrained by your remaining Individual Limit.
To request a subscription that exceeds your instant minting limit, please contact us at [support@ondo.finance](mailto:support@ondo.finance).
### **Instant Redemptions**
Instant redemptions have a \$50M **Global Limit**. This is the total value of OUSG that can be instantly redeemed by all investors combined within 24 hours. This Global Limit resets every 24 hours.
There is also an **Individual Limit** of \$25M within 24 hours. This is the limit per investor, which also resets every 24 hours.
Please note that instant redemptions are constrained by whichever of these limits is lowest at the time. In other words, if the remaining Global Limit is less than your remaining Individual Limit, the maximum amount you could instantly redeem at that time would be constrained by the remaining Global Limit. If the remaining Global Limit is more than your remaining Individual Limit, the maximum amount you could instantly redeem at that time would be constrained by your remaining Individual Limit.
Instant Redemptions may also be limited by the availability of USDC tokens for instant redemption that Circle supports.
To request a redemption that exceeds your instant redemption limit, please contact us at [support@ondo.finance](mailto:support@ondo.finance).
# Investing
Source: https://docs.ondo.finance/qualified-access-products/ousg/investing
### **How do I invest in OUSG?**
To invest, you must have first [onboarded to our Qualified-Access Funds](/qualified-access-products/onboarding-and-kyc). Doing so will enable you to access all such funds, including OUSG. After you have onboarded, you can invest either USD via wire transfer or via any [supported stablecoin](/qualified-access-products/minting-and-redeeming#what-currency-or-stablecoins-can-i-use-to-invest-in-your-qualified-access-funds).
To make an investment, visit [https://ondo.finance/ousg](https://ondo.finance/ousg), connect your wallet, and follow the instructions.
### **What is the minimum I can invest in OUSG?**
For instant transactions, the minimum amount is \$5,000 for both investments and redemptions. For non-instant transactions, our minimum investment and redemption amounts are \$100K and \$50K, respectively. [Limitations may apply, see here for more detail](/qualified-access-products/ousg/instant-limits)
### **How quickly after investing can I expect my OUSG tokens?**
**Instant Mints**
If you instant mint, then upon depositing your stablecoins you will receive your OUSG tokens back to that same wallet 'instantly'; i.e. within the same transaction. The entire transaction is 'atomic', meaning that the entire transaction (i.e. depositing your stables *and* getting the OUSG in return) will either succeed or fail — there is no scenario where you will deposit funds and not receive your OUSG.
**Non-Instant Mints**
If we receive your money before our daily Cutoff Time of 4pm ET, you will typically receive your OUSG tokens the next [Business Day](/qualified-access-products/ousg/other#what-is-a-business-day). If we receive the money after the Cutoff, your subscription will be processed the following Business Day, which means your tokens will typically be issued the day after that. For example, if on Monday you requested a non-instant subscription (i.e. sent us money) at 11:00am ET, you will typically receive your tokens by the end of the day on Tuesday. If you sent us the money at 4:30pm ET, however, your request would be considered as having been made on Tuesday, which means you would typically receive your tokens by the end of day on Wednesday.
### **Can any type of wallet or account hold OUSG?**
Currently, we only support non-custodial wallets: this means EOAs (i.e. wallets like Metamask) or multisigs. We do ***not*** currently support custodial wallets (i.e. Binance, Coinbase, etc.) If you plan to invest from, or withdraw to, a bank account, you will also be asked to provide your wallet information. Note: We do support Fireblocks wallets.
### **Are there offering documents like a prospectus, PPM, or LPA documents I can see?**
Yes, you can see these documents [here](https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng?usp=sharing).
# Other
Source: https://docs.ondo.finance/qualified-access-products/ousg/other
### **What is a Business Day?**
A Business Day shall mean any day that the New York Stock Exchange is open.
### **Is OUSG a Money Market Fund?**
No. A US Money Market Fund is a specific type of short-term, fixed-income mutual fund regulated under Rule 2a-7 of the Investment Company Act of 1940. Rather, OUSG is a tokenized private fund. OUSG is not, and should not be considered, a US Money Market Fund.
# Overview
Source: https://docs.ondo.finance/qualified-access-products/ousg/overview
### Introduction
OUSG (Ondo Short-Term US Government Treasuries) provides liquid exposure primarily to short-term US Treasuries, as well as government-sponsored enterprise (GSE) securities, with 24/7 tokenized subscriptions and redemptions. Investing in US Treasury bills and GSE securities is an ultra low-risk investment option that delivers a stable return while offering deep liquidity. US Treasury bills are widely considered to be the lowest-risk and most liquid investment option available. These characteristics make them an attractive investment option for investors who are seeking safety, stability, and liquidity.
The OUSG portfolio is invested in funds issued by leading asset managers such as BlackRock, Franklin Templeton, WisdomTree, Fidelity, and others, along with bank deposits and USDC for liquidity purposes. You can view an overview of the current portfolio [here](https://ondo.finance/ousg#:~:text=Partners-,Portfolio%20Overview,-As%20of%20November). The portfolio may, in the future, include other US Treasury funds and/or direct investments in US Treasuries. OUSG shares are tokenized and can be transferred 24/7.
**Key Features:**
* **Instant, 24/7/365 Minting & Redemption.** When you invest with USDC or PYUSD via our website, you will immediately receive OUSG tokens to the same wallet address from which you invested. You will also be able to redeem your OUSG tokens for USDC instantly as well. For security reasons and subject to the limitations of our service partners, the amount you can instantly mint or redeem in any given 24-hour time period will be limited to the amounts shown on our website ([see here for more detail](/qualified-access-products/ousg/instant-limits)); over time, we will be actively working to increase these limits\*.
* **Low Minimum Investment and Redemption Amounts.** For instant transactions, the minimum amount is \$5,000 for both investments and redemptions. For non-instant transactions, our minimum investment and redemption amounts remain at \$100K and \$50K, respectively.
* **Waived Management Fee.** Our management fee for OUSG remains low at 0.15%. **This fee has been waived until July 1, 2026.**
*\*For amounts that exceed the daily instant-mint or instant-redeem limit, you can always submit 'non-instant' subscription and redemption requests by contacting us at [support@ondo.finance](mailto:support@ondo.finance).*
Any investor [eligible to invest in any of our Qualified Access Funds](/qualified-access-products/eligibility) (and who has completed [onboarding](/qualified-access-products/onboarding-and-kyc)) may invest in OUSG. OUSG tokens may be freely transferred between any investors that have already onboarded to our Qualified Access Funds.
### **How It Works**
Say you want to make an instant investment of 100K USDC for OUSG. When you make the deposit, our smart contract automatically take two actions:
1. First, it determines how many OUSG tokens you should receive. The number of OUSG tokens you receive is determined by converting the stablecoins you deposit to USD equivalents (1 USDC = \$1.00 USD), and then dividing that amount by the current Net Asset Value (NAV) of the OUSG token. For example, if you deposited 100K USDC worth \$100K USD and the NAV was \$100/token, you would receive \$100,000 / \$100 = 1,000 OUSG.
2. Second, it routes your deposited USDC to the Fund's Coinbase account. Those funds are then used to purchase OUSG's underlying holdings.
At the end of each Business Day, we update the Net Asset Value (NAV) of the Fund based upon the performance of the underlying investments, along with any accrued fees and/or expenses. The NAV per OUSG Token is then calculated by dividing the NAV of OUSG share class by the total number of OUSG tokens. We then update the OUSG Price Oracle onchain to reflect this updated NAV.
When you request an instant redemption of your OUSG tokens, a similar process occurs in reverse. The number of USDC you receive in return for your OUSG is determined by multiplying the number of OUSG you redeem by the then-current NAV (giving a USD value), and then sending the equivalent number of USDC at a fixed value of \$1.00 USD per USDC.
For more detailed information about OUSG, please refer to the rest of these support docs, the [fund's legal docs](https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng?usp=sharing), or reach out to us at [support@ondo.finance](mailto:support@ondo.finance)
# Redeeming
Source: https://docs.ondo.finance/qualified-access-products/ousg/redeeming
### **How do I redeem my OUSG tokens?**
You can redeem your tokens by using the UI on the [OUSG page of our website](https://app.ondo.finance/assets/ousg) or by contacting us directly at [support@ondo.finance](mailto:support@ondo.finance)
### **How quickly will I get my money once I redeem?**
If you do an instant redemption, the redemption takes place as an atomic transaction so you will receive your USDC at the same time as you send in your OUSG for redemption. [Limitations may apply, see here for more detail](/qualified-access-products/ousg/instant-limits)
For non-instant redemptions, provided that you sent us your tokens for redemption prior to 4pm ET, you will typically receive your funds the next [Business Day](/qualified-access-products/ousg/other#what-is-a-business-day). If you sent your tokens after that, your redemption request will most likely be processed the following Business Day (meaning your funds will typically be provided the day after that).
For example, if on Monday you requested a non-instant redemption at 11:00am ET, you will typically receive your funds by end of day on Tuesday. If you submitted your tokens for redemption at 4:30pm ET, however, your request would be considered as having been made on Tuesday, which means you would typically receive your funds by the end of the day on Wednesday.
### **Let's say I transfer my OUSG tokens to another party. Who gets the yield for that day, me or them?**
The general rule to keep in mind is this: whoever holds the tokens at the [time of the price update](/qualified-access-products/ousg/yield#how-frequently-and-when-do-you-update-the-onchain-ousg-token-price-nav) gets the yield.
### **What is the minimum amount of OUSG I can redeem?**
The minimum for instant redemptions is \$5K; the minimum for non-instant redemption is \$50K. While at the beginning it's fine if you wish to non-instant redeem a small 'test' amount of OUSG to get comfortable with the process; contact us at [support@ondo.finance](mailto:support@ondo.finance)
### **If I request a redemption on a given day, do I earn yield for that day?**
No. Provided you submitted a redemption request before the [price update](/qualified-access-products/ousg/yield#how-frequently-and-when-do-you-update-the-onchain-ousg-token-price-nav), you will not receive the yield for that day.
Note that, for technical reasons, Friday's price update includes the estimated yield paid out on the underlying assets for Friday and Saturday, while Monday's update reflects the yield for Sunday and Monday. Price updates on the day immediately proceeding a holiday include the estimated yield to be paid out on that holiday.
# Regulatory Compliance
Source: https://docs.ondo.finance/qualified-access-products/ousg/regulatory-compliance
At Ondo, we know that legal and regulatory compliance is a critical pillar of tokenized real-world-asset offerings. We take a thorough and measured approach to risk management in general, with a compliance-oriented product design that is rooted in consultation with a variety of legal, tax, and regulatory experts.
OUSG tokens are exempt from the registration requirements of the US Securities Act of 1933, as amended (the "'33 Act") because they are offered and sold in reliance on Rule 506(c) of Regulation D of the 33 Act. The issuer of OUSG, Ondo I LP, is exempt from the registration requirements of the US Investment Company Act of 1940, as amended (the "'40 Act") because they are sold to "qualified purchasers" in relieance on Section 3(c)(7) of the 40 Act.
# Technical
Source: https://docs.ondo.finance/qualified-access-products/ousg/technical
### What chains is OUSG available on?
OUSG is available on Ethereum mainnet, Polygon, Solana, and XRP Ledger. Instant minting and redemption is only available on mainnet Ethereum. [Limitations may apply, see here for more detail](/qualified-access-products/ousg/instant-limits)
### Are the OUSG smart contracts audited?
Yes. You can see the results of our audits [here](/audits).
# Trust & Transparency
Source: https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency
### **What types of reporting or other assurances do I have that your numbers are right?**
As with all of our Qualified Access Funds, our fund administrator (NAV Consulting) has direct, read-only access to all of the Fund's accounts daily. We independently calculate the Net Asset Value of the fund each day. If ever there is a discrepancy we work with NAV Consulting to identify and correct the source of the error. Once in agreement, we publish the full set of financials created by NAV Consulting on a daily basis. Note that these reports may lag up to three days behind the price update onchain. You can find a link to those reports [here](https://drive.google.com/drive/folders/1Ti8IzoXTibM3B2RWxystT38ISrPH-rRP?usp=sharing).
### **Is OUSG financially audited?**
Yes. Our Qualified Access Funds are audited annually, the results of which are provided to investors.
# Yield
Source: https://docs.ondo.finance/qualified-access-products/ousg/yield
### **How does OUSG earn yield?**
The OUSG portfolio is invested in funds issued by leading asset managers such as BlackRock, Franklin Templeton, WisdomTree, Fidelity, and others, along with bank deposits and USDC for liquidity purposes. You can view an overview of the current portfolio [here](https://ondo.finance/ousg#:~:text=Partners-,Portfolio%20Overview,-As%20of%20November). The portfolio may, in the future, include other US Treasury funds and/or direct investments in US Treasuries. As these investments accrue yield daily, we recognized this yield by increasing the Net Asset Value (NAV) of the underlying fund, thereby increasing the NAV per OUSG token.
### **How long after investing do I start earning yield/interest?**
Since yield is effectively incorporated into the price of OUSG whenever we update the price of OUSG onchain, you start earning yield either the day of your subscription or the next, according to whether you subscribed before or after the price update for the day.
The only exceptions to this are weekends and holidays, since the next price update will not happen until the next Business Day. For example, say you subscribe on Friday after the price update. Since the next price update after that will not happen until Monday, the yield earned on Saturday and Sunday will not be reflected in the token price until the price is updated on Monday.
### **How frequently (and when) do you update the onchain OUSG token price (NAV)?**
We typically update the price once every Business Day. We typically aim to do this sometime between 4-6pm ET but, because this is a manual process, it may sometimes take longer.
### **How often does OUSG pay out yield?**
We aim to pay out yield every Business Day based on the [net income received](/qualified-access-products/ousg/yield#how-is-the-amount-of-yield-determined).
In the event that we are unable to update the price or rebase on a given Business Day, investors holding their tokens will still receive the yield from the 'missed' day at the time of the next update. Note that tokenholders who submit a redemption request prior to a price update or rebase on a given day are not paid yield on those tokens for that day. Please also note yield is paid to the holder of the tokens at the time of update; if you have already transferred or redeemed your tokens, you will not receive yield on them. Note that OUSG holders are not 'paid out' yield per se; instead, that yield is reinvested into fund, thereby increasing the value of their *existing* OUSG tokens.
### **How is the amount of yield determined?**
The amount of yield paid out on a given day is based upon the Net Income received as of the end of the previous Business Day. This Net Income is then allocated ratably across all OUSG holders (e.g. if you held 100% of the OUSG tokens, you'd be allocated 100% of the net income; if you held 25% of the OUSG tokens, you'd be allocated 25% of the net income, etc).
To ensure timely price updates, each Business Day the Fund makes a conservative estimate of the Net Income it expects to receive for the day (including, if immediately followed by a weekend or holiday, any income it expects to accrue to it over those non-business days) based upon historical data. When the Fund then receives final information on the actual income received from its holdings, it makes an additional adjustment to its Net Income on the following Business Day. It does this in order to provide more consistent updates to the OUSG price.
### **When is the APY updated and how is it calculated?**
The APY on our [website](https://ondo.finance/ousg) is generally updated each weekday, excluding holidays. APY is calculated based on the average income, net of expenses, earned over the 30 calendar days preceding and including the day that APY is updated. This yield reflects past performance. Past performance is not indicative of future results. Actual yields may vary depending on market conditions and other factors.
The formula used to calculate the APY is `APY = e^((End NAV - Start NAV) / (30/365)) - 1`
### **When are the 7-Day Yield and 30-Day Yield updated, and how are they calculated?**
The yields on our [website](https://ondo.finance/ousg) are generally updated each weekday, excluding holidays. 7-Day Yield is calculated based on the average income, net of expenses, earned over the 7 calendar days preceding and including the day that the 7-Day Yield is updated. 30-Day Yield is calculated based on the average income, net of expenses, earned over the 30 calendar days preceding and including the day that the 30-Day Yield is updated. These yields reflect past performance. Past performance is not indicative of future results. Actual yields may vary depending on market conditions and other factors.
The formulas used to calculate the 7-Day Yield and 30-Day Yield are:
* `7-Day Yield = e^((End NAV - Start NAV) / (7/365)) - 1`
* `30-Day Yield = e^((End NAV - Start NAV) / (30/365)) - 1`
# USDY and mUSD Conversion
Source: https://docs.ondo.finance/tools/converter/usdy-musd-conversion
# What is the difference between USDY and mUSD?
USDY exists in two forms on Mantle. USDY is the accumulating form, and mUSD is the distributing form.
* USDY: an accumulating ERC-20 token with a redemption value that increases daily.
* mUSD: a distributing ERC-20 token pegged to \$1. mUSD holders automatically receive their yield in their wallet via additional mUSD tokens.
Users receive the same amount of interest regardless of the token they hold.
Users can convert anytime from USDY to mUSD and from mUSD to USDY using the Ondo Token Converter.
# How can I convert between USDY and mUSD?
## Convert from the Ondo Finance website
You can use the Ondo Token Converter on [ondo.finance/convert](http://ondo.finance/convert), where you can connect your wallet and convert your USDY to mUSD and vice-versa.
## Convert from the Mantle Explorer
You will need to interact with two contracts:
* [USDY](https://explorer.mantle.xyz/address/0x5bE26527e817998A7206475496fDE1E68957c5A6/contracts?contract-tab=read-proxy#address-tabs)
* [mUSD](https://explorer.mantle.xyz/address/0xab575258d37EaA5C8956EfABe71F4eE8F6397cF3/contracts?contract-tab=write-proxy#address-tabs)
### From USDY to mUSD
This is a two-transaction process.
**First transaction: Approve mUSD to spend your USDY**
Open the [USDY address in the Mantle explorer](https://explorer.mantle.xyz/address/0x5bE26527e817998A7206475496fDE1E68957c5A6).
-
Click on Contract -
Click on Write Proxy -
Identify the 'approve' function, and expand it -
Insert 0xab575258d37EaA5C8956EfABe71F4eE8F6397cF3 in the spender address. This is the mUSD token address -
Insert the amount of USDY you wish to convert to mUSD, and click on the 10^18 button. In this example, 1 USDY is about to be converted to mUSD -
Click on Write. You will be prompted to connect your wallet, and sign a transaction -
Once the transaction signed, you will see a Success message
-
Click Write to sign the transaction (your wallet should already be connected to the explorer) -
After confirming in your wallet, you can open the transaction hash in the explorer, and observe the amount of mUSD you received
-
Click on Contract -
Click on Write Proxy -
Scroll down to identify the 'unwrap' function -
Insert the amount of mUSD you wish to convert to USDY, and click on the 10^18 button. In this example, 1 mUSD is about to be converted to USDY -
Click on Write. You will be prompted to connect your wallet and sign a transaction -
Once the transaction is signed, you will see a Success message -
Clicking on the transaction link shows you the amount of USDY that you received in your wallet. In this example, 1 mUSD got converted to 0.9882 USDY